Stock Watch: Acquisition Plan Lifts Siebel Systems

Siebel Systems Inc. tacked on 3/4 to close at 88 11/16 Tuesday after the company announced plans to buy Janna Systems Inc., a Toronto-based maker of e-business software for the financial services industry, in a stock swap worth about $1.4 billion (CA$).

Janna shareholders will get the equivalent of 0.497 of a Siebel share in exchange for each of their shares. Siebel will issue shares in a Canadian subsidiary, convertible into Siebel common shares at any time within five years.

Siebel vice president David Schmaier said that the acquisition of Janna underscores Siebel’s commitment to providing solutions for the financial services industry.

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