Hit #66
Verity (VRTY) is being acquired by Autonomy for around $500 million in cash. This offer, of $13.5/share is a 19% premium over my average cost of $11.32/share.
I first mentioned Verity as a strong takeover candidate here. My best guess at that time was that Yahoo would be a likely buyer. Given its cash position, Verity could have commanded a higher price, but emerging competition from Google and Yahoo meant that it would be bargaining from a weak position.
The combined entity following this merger would still be a long-term target for Yahoo, but since Autonomy is not listed in the US anymore, there isn't a direct way to play it.
Previous hit - Central Coast Bancorp (#65)
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