KANA Software, Inc. (OTC:BB) has announced the receipt of a letter from Chordiant Software on December 17, 2009. The letter expressed Chordiant’s interest in a transaction to acquire all of KANA’s outstanding common shares for $1.20 per share. The shares will consist of cash and Chordiant common stock, including stock of 19.9% of the company’s current outstanding shares of Choridant common stock.
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KANA has responded to the letter by stating that it is incomplete. The letter was found to be non binding and very conditional, holding contingencies like financing, due diligence, and the negotiation of a definitive merger agreement. KANA will not engage in discussions in response to the incomplete proposal per the Asset Purchase Agreement signed on October 26, 2009.
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