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SBI to buy downsized Lante

Salt Lake City-based SBI has agreed to acquire consultant Lante Corp., Chicago, in a move to boost its expertise in manufacturing, retail, transportation, telecommunications, financial services and consumer packaged goods industries.

The acquisition is to be accomplished through a cash tender offer for all of Lante's publicly held outstanding shares at a price of $1.10 per share for approximately 37 million shares outstanding. The tender offer is expected to close in the third quarter 2002.

''At the same time, Lante slashed its workforce by 22 percent, or approximately 45 people to focus on operating a stand-alone business until the anticipated close of our acquisition by SBI,'' said Lante President and Chief Executive Rudy Puryear.

Lante brings skills in extended enterprise framework development, business-to-business integration solutions, enterprise application development, business enablers (portals, content management, business analytics) and technology foundation development and deployment.

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