Business applications maker Geac has agreed to acquire software company Comshare for $52 million in cash, the companies said Monday. Under the terms of the merger, Comshare shareholders will receive $4.60 in cash for each share of common stock, a premium of more than 25 percent on Friday's closing price of $3.64.
Comshare, based in Ann Arbor, Mich., makes software that's designed to help businesses with financial planning, budgeting, forecasting and reporting. Geac, a Canadian company based in Markham, Ontario, sells a set of accounting, order processing and manufacturing applications that compete with software from SAP, PeopleSoft and Oracle. The companies expect the merger to close by August.