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Solution 6 hits acquisition snags

Solution 6 hits acquisition snags

Software company Solution 6 Holdings has announced the extension of the expiration date of the $US11.00 per share cash tender for all outstanding shares of US Elite Information Group.

The tender offer is from Solution 6's subsidiary, EIG Acquisition Corp, and will now expire on March 2 at 5pm New York City time.

In a statement, Solution 6 said the expiration time was being extended to provide the US Federal Trade Commission time to complete its review of the proposed merger. This date would be further extended if the FTC needed more time to complete the review.

Elite shareholders have also filed a class action, but Solution 6 remains confident the acquisition will go ahead. According to a spokesperson from Solution 6, the lawsuit related to the shareholders wanting a higher price for the acquisition.

This development comes in the wake of Solution 6's $US75 million bid for UK-based Pegasus Group being surpassed by Freecom.net's $123.65 million bid for the company last week.


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