Each outstanding share of OpenSite common stock will be exchanged for
approximately .13 for Siebel (SEBL)
common shares. All outstanding stock options of OpenSite will be exchanged
for Siebel Systems stock options at the same exchange ratio, which will
equal about 3.9
million additional Siebel Systems shares.
OpenSite’s solutions include both software and services that allow a
business to conduct dynamic commerce, which includes forward auctions,
auctions, auction networks, cross-auction portals and exchanges.
Using OpenSite solutions, organizations can reduce order processing costs
and provide buyers with improved buying experiences through cross-selling
and other promotional opportunities. Customers will be able to choose how
they want to transact their business as Siebel Systems’ multichannel
e-business solutions facilitate the interaction options across any
communication channel. OpenSite solutions offer the transaction options.
OpenSite will remain in Research Triangle Park, N.C. and operate
under the Siebel Systems’ name.
“Siebel Systems distinguishes itself by setting a new standard for the
industry by providing customers with the opportunity to choose both how they
prefer to interact, as well as transact, when they communicate with a
company,” said Thomas M. Siebel, chairman and chief executive officer,
Siebel Systems. “No one else can deliver both eCommerce and dCommerce across
all customer channels.”
In related news Tuesday, the auction aggregator Bidder’s Edge Inc. canceled its plans
to be acquired by OpenSite. In February, Bidder’s Edge CEO James Carney and
OpenSite officials would not reveal financial details because OpenSite was
in a quiet period due to a public offering.
Though Bidder’s Edge is being sued by eBay
Inc. (EBAY), which alleged that its search engine infringes on the auction titan’s intellectual property, Bidder’s Edge Marketing Director Nick Godfrey said
the abandonment of the acquisition had nothing to do with the legal
“They recently changed their tact, and that fell outside of the arrangement
we had been discussing,” Godfrey told InternetNews.com. “So it didn’t make sense to go ahead
and follow through with it. It wasn’t something we planned on, but it
didn’tend on a bad note.”