Harbinger Corp. (Nasdaq: HRBC) was up 6 7/16 to 30 9/16 in early trading Thursday after the B2B software company signed a definitive agreement to be acquired by Peregrine Systems, Inc. (Nasdaq: PRGN) for stock worth about $2 billion.
The combined company will help businesses “access multiple e-marketplaces for requisitioning, acquiring, managing and disposing of critical assets, facilities and other operating resources,” Peregrine and Harbinger said. ” With 44,000 customers and e-marketplaces already processing more than one million mission-critical transactions daily, the company will be by far the largest provider of end-to-end e-business solutions.”
Peregrine will exchange 0.75 of a share of its stock for each Harbinger common share, valuing the deal at about $2.1 billion. Both companies’ boards have approved the deal.
Peregrine shares were down 15 1/4 to 42 3/4.