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Sunnyvale-based Vitria (NASDAQ:VITR), a provider of businesws processintegration products, said it reache d a definitive merger agreement for Vitria Technologhy to be acquired by a new corporationb formed and wholly owned by JoMei Chang, a member of the company's board of and Dale Skeen, a board member and the company's currentg chief executive. The new corporation will pay $2.76 per share for each of Vitria's outstanding sharese of common stock not held by Chanhand Skeen. The purchasee price represents a premium ofapproximately 4.7 percent over the averagr closing price of Vitria Technology's common stocm on the 20 trading days ending 20. Based on about 24.
4 million sharesx outstanding that are not ownecd bythe executives, the deal is worth aboug $67 million. The merger agreement has been approvedc by the boards of Vitria and byand -- corporations formed by Chang and Skeen. The company said the deal is the culminationb ofthe company's eight-month strategic review, which included talkes with more than 55 possiblr buyers. Vitria's stock fell 4.63 percentt in midday trading to $2.68. Its 52-week range was from $2.4o to $3.37.
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