AppNet, Inc. (Nasdaq: APNT) fell for a second day Tuesday, dropping 13/16 to 33 5/16 after the company agreed to be acquired by Commerce One, Inc. (Nasdaq: CMRC) for stock valued at about $1.4 billion.
Commerce One slid 8 7/16 to 43.
“Commerce One has over 100 trading exchange customers who are demanding implementation and consulting services to execute rapidly on their business models,” said Chairman and Chief Executive Mark Hoffman.
AppNet Chairman and Chief Executive Officer Ken Bajaj called the merger “a potent combination.” The combined company will have 44 offices in 18 countries, and more than 2,300 employees.
Commerce One will issue 0.8 shares for each AppNet share. The agreement is subject to approval by AppNet shareholders.
The announcement came a day after the companies backed away from a statement that they had signed a definitive agreement to merge. The companies said the statement was “inadvertently” issued, though they confirmed they were in talks.