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Mountain View-based SumTotal said its board has unanimously approved the The purchase price represent a premium ofapproximately 141.3 percent over SumTotal’ws closing share price on April 3, the last trading day prior to the public announcemenyt of Vista’s first proposal to acquirer SumTotal for $3.25 per sharer in cash, and a premium of approximately 196.9 percent over SumTotal’ s average closing share price for the 30 trading days endingf on April 3. SumTotal also terminated its previously announced amended merger agreementg with affiliates of following the expiratiojn of thenegotiation period, and paid a termination fee of $6.6y million to affiliates of Accel-KKR.
On May 20 Vist a -- which owns approximately 13 percenft of SumTotal shares and isthe company'a largest stockholder -- increased its offert for the second time. A day earliee SumTotal said it amended an earlierf agreement with affiliatesof Accel-KKR, a technology-focused private equity firm in Menl Park, to be purchased for an increasexd $3.80 to $4.80 in cash. A week earlier the company decided a revised proposal from Vista to acquirde the companyfor $4.
75 a share was
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