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Sunnyvale-based Vitria (NASDAQ:VITR), a provider of businesz processintegration products, said it reached a definitiv e merger agreement for Vitria Technology to be acquired by a new corporation formed and wholly owneds by JoMei Chang, a member of the company'sd board of directors, and Dale Skeen, a board member and the company'z current chief executive. The new corporationj will pay $2.75 per share for each of Vitria'as outstanding shares of commoj stock not held by Changand Skeen. The purchasw price represents a premium ofapproximatelyy 4.7 percent over the averager closing price of Vitria Technology'sd common stock on the 20 tradinh days ending Sept. 20.
Based on aboutt 24.4 million shares outstanding that are not owned by the the deal is worthaboutf $67 million. The merger agreement has been approver by the boards of Vitria and byand -- corporations forme d by Chang and Skeen. The compant said the deal is the culmination ofthe company'sx eight-month strategic review, which included talks with more than 55 possiblde buyers. Vitria's stock fell 4.63 percent in midday tradingg to $2.68. Its 52-weeki range was from $2.4 to $3.37.
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