MRO Software retreats from Datastream takeover
Bedford, MA -- Feb. 28, 2002 -- MRO Software, Inc. has withdrawn its offer to acquire Datastream Systems Inc. of Gr...
Bedford, MA — Feb. 28, 2002 — MRO Software, Inc. has withdrawn its offer to acquire Datastream Systems Inc. of Greenville, S.C.
MRO Software, the developer of Maximo maintenance management software, ran into a significant amount of resistance from Datastream shareholders and was unable to execute the takeover. Datastream also offers maintenance management software solutions to industrial customers.
On Jan. 8, the Datastream board of directors rejected the unsolicited purchase offer made by MRO Software in December 2001. “We are not for sale to MRO Software or any other third party at this time,” said Larry G. Blackwell, Datastream’s chairman of the board, in a letter to MRO Software.
“The Board of Directors determined that the MRO Software offer is inadequate, does not reflect the inherent value of the company, and is not in the best interests of Datastream or its stockholders,” he said.
Information can be found on MRO Software at www.mro.com. and on Datastream at www.datastream.net.
By Bill Roebuck, Editor