HP completes tender offer for ArcSight

[News_Editor]

HP completes tender offer for ArcSight

2010-10-22 01:00:28 GMT+7 (ICT)

PALO ALTO, CALIFORNIA (BNO NEWS) -- Hewlett-Packard (HP) on Thursday announced that it has completed its tender offer for ArcSight, Inc. at a price of $43.50 per share in cash.

On September 13, HP announced it was seeking to purchase the risk management solutions provider ArcSight for $1.5 billion, and the negotiations commenced on September 22.

HP's tender offer for all of the outstanding shares of ArcSight expired on Wednesday at midnight EDT. As of that time, approximately 33.1 million shares, representing around 92.1 percent of ArcSight’s outstanding shares, were tendered and not withdrawn in the offer (including shares tendered by notice of guaranteed delivery).

HP has accepted the payment of all tendered shares.

The combination of HP and ArcSight is expected to improve security, reduce risks and facilitate compliance at a lower cost for customers as HP considers its technology to be highly complementary to HP's existing security portfolio of hardware, software and services.

The completion of the tender offer is the first step in HP's two-step acquisition of ArcSight. The second and final step, the merger of ArcSight with an HP subsidiary, is expected to occur within the next several days.

"From a security perspective, the perimeter of today's enterprise is porous, putting enormous pressure on clients' risk and compliance systems," said Bill Veghte, executive vice president of Software and Solutions at HP. "The combination of HP and ArcSight will provide clients with the ability to fortify their applications, proactively monitor events and respond to threats," he added.

"HP's acquisition of ArcSight will enable the creation of a new type of security solution, one that serves the modern enterprise," said Tom Reilly, president and chief executive officer, ArcSight.

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