SBI to buy downsized Lante
- By Donna Sussman
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
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.