JDA Software Group Inc. (JDAS:US), the maker of business-management programs for retailers, agreed to buy i2 Technologies Inc. for $346 million in cash to add applications that track goods and supplies.
The price for each common share is $14.86, the companies said today in a joint statement. That's 4.9 percent more than i2's closing price (ITWO:US) of $14.16 on Aug. 8.
JDA Software will gain more than 400 customers, bringing its total to more than 6,000, and will broaden its product offerings. The Scottsdale, Arizona-based company faces intensifying competition from Oracle Corp. (ORCL:US) and SAP AG, which offer a wider variety of applications.
I2, based in Dallas, rose 6 cents to $14.22 at 4 p.m. New York time on the Nasdaq Stock Market, while JDA Software rose 83 cents to $18.74. JDA Software has dropped 8.4 percent this year.
JDA Software said it will save about $20 million in costs a year after completing the purchase. The company is using debt (JDAS:US) to finance the deal, with Wachovia Corp. and Credit Suisse Group AG as the lenders.
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