Zi is in Canada and competes with the mobile area of VOP with express and simplified entry of text information for mobile units. This is another major acquisition for Nuance who has purchased several related and competitive companies in the last couple years. BD
Burlington, MA-based Nuance Communications is wrapping up its long and sometimes contentious crusade to acquire Zi, a Canadian competitor in the market for text messaging software, which has agreed to Nuance’s $35 million buyout offer.
The deal, announced today, provides shareholders of Calgary-based Zi (NASDAQ:ZICA) with 34 cents in cash and 0.4 shares of Nuance (NASDAQ:NUAN) stock for every share of Zi stock. That values the company at 69 cents per share—or a 73-percent premium over the closing price of the stock on its last day of trading before Nuance began its tender offer to acquire Zi shares on November 25. (Hindsight is 20-20, but the Nuance offer that Zi rejected back in August was worth $40 million, or 80 cents per share.)
“Zi text input solutions are embedded on mobile phones, hand-held computers, gaming consoles, PDAs, VoIP phones, telematic systems, television set-top boxes and other consumer electronic devices. These solutions are applicable for 12-button keypads, virtual or hardware keyboards, touch screens, dials, joysticks and virtually any other input method.”
Nuance Ending Pursuit of Zi with $35M Deal | Xconomy
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