FX.co ★ Progress Software Confirms No Intention To Bid For MariaDB

Progress Software Corp. (PRGS) affirmed on Thursday that it has no plans to propose an offer for MariaDB plc.

Previously, on the 19th of April, Progress Software had revealed a potential offer. It proposed to acquire shares of MariaDB, a leading cloud database company, at a rate of $0.60 each in cash. This proposal would've valued the entire issued capital of MariaDB at an estimated $40.6 million.

Progress Software's offer had promised a premium of 9 percent over K1 Capital's potential offer. Additionally, the offer was 88 percent higher than MariaDB's average closing share price over the last 30-day period and 216 percent higher than MariaDB's closing share price on February 5.