IBM TO BUY ILOG FOR ABOUT $340 MILLION

Financial Chronicle The Economic TimesInternational Business Machines Corp agreed to buy software company ILOG for about 215 mn euros ($340 mn), the companies said on Monday.

The cash tender offer will be at a price of 10 euros per ordinary share and the US dollar equivalent per American Depositary Share (ADS).

This represents a premium of about 56 percent compared to ILOG's one-month average closing share price prior to July 28, and a 37 percent premium to the closing price on Friday, July 25.

ILOG's board of directors has approved the transaction between the two companies, the companies said in a statement.