It was an offer that was too good to miss, was the explanation Platinum Technology CEO and founder Andrew Filipowski gave for selling his company to Computer Associates last week in a deal worth $3.5 billion (#2.16 billion).
"It was really out of responsibility to the shareholders," he claimed.
Filipowski, who founded Platinum Technology 12 years ago, stands to earn in the region of #180 million himself from the transaction.
In a deal that took only a week to finalise, CA agreed to pay $29.25 (#18.06) per share, for stock priced at less than $10 (#6.10) per share.
"I can never explain the stupidity of the stock market. It is totally unbalanced, with people making decisions on irrational emotions," said Filipowski, who will now devote his efforts to venture capital, through Platinum Venture Partners.
CA wanted Platinum for its strength in DB2 development tools and data warehousing.
The only overlap in the product portfolios of Platinum and CA is in the enterprise management area, claimed Sean Larner, senior vice president and UK managing director at CA. Platinum recently bought Menco, whose software competes with CA's Unicentre TNG management suite.
CA now owes Credit Suisse First Boston bank $4.5 billion (#2.8 billion).
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