PROS to acquire Cameleon Software for $33M


PROS Holdings (PRO +5%) makes an all-cash tender of €24M ($33M), net of cash, for Configure, Price, and Quote software maker Cameleon Software. Cameleon's 4 largest management shareholders and 2 largest independent shareholders (representing 26% of shares) have agreed to the tender.

The €2.05/share offer represents a 45% premium to the 90-day average stock price of Cameleon (which trades in Paris), and includes an additional €0.15/share contingency if PROS holds 95% of voting rights by the end of 2014.

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