Just as Peregrine Systems Inc. hammered out its acquisition of Harbinger Corp., the Nasdaq started its painful plunge, making the stock-for-stock deal seem more and more expensive as the days wore on.
By the time the deal was announced on April 5, Peregrine’s stock had dropped from a high of more than $90 in February to $58 per share while Harbinger’s stock landed at $24 from a March high of $37. And with Peregrine paying three-quarters of a share of stock for each of Harbinger’s shares, many investors complained the San Diego infrastructure company was paying far too much for the Atlanta-based maker of e-commerce enabling software.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
