Descartes launches tender offer
Logistics network Descartes Systems Group Inc. said a subsidiary has launched a tender offer to acquire Zemblaz, formerly known as Porthus.
Descartes had announced plans to acquire the Antwerp-based global trade management system firm on Dec. 14.
Depending on the number of warrants exercised for shares prior to closing, the aggregate consideration payable under the offer will range from 29.7 million to 30.3 million euros ($40.5 million to $41.3 million). The deal is conditional on Descartes acquiring 95 percent of Porthus' outstanding shares and there being no material adverse change to Porthus or its business prior to closing.
Descartes, based in Waterloo, Ontario, said the results of the offer will be announced by March 19.
Descartes launches tender offer
