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Salesforce, Demandware Reveal Early Termination Of Hart-Scott-Rodino Waiting Period

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Salesforce.com, Inc. (NYSE: CRM) and Demandware (NYSE: DWRE) revealed the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, in connection with the previously announced proposed transaction under which Salesforce plans to buy Demandware.

Salesforce said that through the proposed acquisition of Demandware, it would extend its CRM leadership and be well placed to capture opportunities in the multi-billion dollar digital commerce market through a new Salesforce Commerce Cloud. The company added that the Salesforce Commerce Cloud would be an integral part of Salesforce's Customer Success Platform that allows firms to connect with their customers one-to-one across sales, service, marketing, communities, analytics, the Internet of Things, apps and now commerce.

According to the proposed transaction terms, Salesforce has commenced a tender offer for all outstanding shares of Demandware for $75.00 per share in cash. The company indicated that the tender offer is scheduled to expire on Friday, July 8, 2016 unless the tender offer is extended.

The companies expect the transaction to close in the second quarter of Salesforce's fiscal year 2017, ending July 31, 2016, subject to the satisfaction of customary closing conditions. That included the acceptance of a majority of Demandware shares in the tender offer.

On Monday, the stock gained 1.89 percent.

Posted-In: M&A News Interview

 

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