Investors look for new solution

Investors continued to dump Solution 6 shares yesterday despite the company's announcement on Friday it would push ahead with plans for a $US150 million merger with US counterpart, Elite.

On Friday, Solution 6 and US-based Elite said they would extend their offer to pay $US11 a share for all of Elite's outstanding common stock for the fifth time. The offer came after the US Bureau of Competition said it would recommend that the Federal Trade Commission challenge the merger.

The extended offer for Elite share holders expires this Friday (US time). Elite and Solution 6 said they had agreed not to terminate the proposed merger before the offer expires.

And in what was a miserable day, in miserable times, for the software developer, on Friday Telstra said it would renegotiate its deal to take a 40 per cent stake in a combined Solution 6 and Sausage Software. In a statement, Telstra's convergent business manager Ted Pretty said the "recent movements in price and valuations" in world markets meant "financial elements of the transaction may be adjusted".

Those "movements" saw Sol 6's share price fall to its lowest level for the year, down almost 16 per cent, or 79 cents, to $4.45 at close yesterday. The stock has traded as high as $17 this year; in the last week of March it was still listed at around $13. However, the embattled, former billion-dollar company is now worth less than $600 million.

Sausage Software was also trounced by investors yesterday, its share price fell almost 13 per cent, or 38 cents, to close at $2.58 -- down from a year high of $8.20.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

David Smedley

PC World
Show Comments

Cool Tech

Toys for Boys

Skywatcher Dobsonian 8″ Collapsible Telescope

Learn more >

Family Friendly

Whodunnit™ Duo-Scope MFL-007 Microscope Kit

Learn more >

Stocking Stuffer

Logitech Ultimate Ears Wonderboom 2 Bluetooth Speaker

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?