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IBM, Edmark to merge

Edmark stocks rise after the company, a developer of K-to-12 educational software, announced it would merge with IBM.

Shares of Edmark (EDMK) today continued to climb after IBM (IBM) announced it would acquire the educational software maker.

Edmark shares traded as high as 15-1/2 a share during the day, coming off a close of 15-1/4 on Wednesday when the company saw its per share price rise by 3-13/16 from the previous day.

Under the agreement, IBM will pay $15.50 a share for at least two-thirds of all Edmark's common stock in a deal valued at $80 million. IBM will operate the unit under the Edmark name in Redmond, Washington.

"The merger of Edmark represents the next stage in our strategy of focusing on education and enhanced learning," said Jim Firestone, general manager of IBM's Consumer Division, in a statement.

Firestone, who will oversee and direct operations of Edmark, said that networks and the Internet will allow parents, teachers, and students to work together in new ways.

"Having both an understanding of educational content and networking technology, IBM is well positioned to make this happen," he said.