pcOrder.com Inc.’s (Nasdaq: PCOR) shares shot up 80 percent in early trading Wednesday on the news that Trilogy Software Inc. will acquire the web software maker. pcOrder also released its earnings for the third quarter.
Shares were up 2.72 to 6.16. Under the terms of the merger deal, privately-held Trilogy will acquire all of pcOrder''s outstanding Class A stock at a price of $6.375 per share, in cash. Any remaining shares will be purchased by Trilogy in a subsequent merger transaction at the same offering price.
Trilogy already owns all of the target’s outstanding Class B common stock, which represents 62.5 percent of pcOrder’s outstanding stock.
The deal is expected to go through by November 6, 2000.
In a separate press statement, pcOrder also released its financial results for the third quarter, posting a net loss of $0.2 million or 1 cent a share. This easily beat the First Call Corp.’s estimate of a loss of 18 cents.
The net loss for the period compares with a net loss of $0.7 million or 5 cents a share for the same period in 1999. Excluding special charges, the company''s net loss would have totaled approximately $2.8 million or 17 cents a share for the quarter.
Revenues for the quarter were $13.4 million, a jump of 3 percent growth compared to the same period last year.
The company did say, however, that fourth quarter revenues are expected to drop below $10 million.