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Datastream Systems responds to MRO Software offer
December 25, 2001
Datastream Systems, Inc., Greenville, SC, announced that it had responded to MRO Software, Inc. (NASDAQ: MROI) in a letter dated December 21, 2001, regarding MRO Software's unsolicited offer to purchase Datastream Systems, Inc. As noted in its press release on December 20, 2001, MRO Software sent a letter to Datastream's chairman and CEO with an unsolicited offer to purchase Datastream for a price of $6.00 per share, consisting of $1.00 in cash and $5.00 in the form of MRO Software common stock. Datastream indicated in its letter to MRO that it would evaluate the proposal with its board and advisors and respond in due course once such an evaluation is complete. Datastream advises stockholders that they need not take any action at this time and that they should await the response of the Datastream board of directors.
As indicated in the MRO Software press release, the board of directors of Datastream received a prior indication of interest from MRO Software to effect a business combination with the company. The prior indication of interest, although indicating a price range, lacked specificity on a number of material points, including the form of consideration. In response to the prior indication of interest, the board consulted with its outside legal counsel and carefully considered and analyzed the proposal contained therein. For a variety of reasons, the board decided that discussions with MRO Software at that time concerning a possible business combination would not be in the best interests of Datastream or its stockholders.
Larry Blackwell, chairman of the board of directors, president and chief executive officer of Datastream Systems, noted that, 'the board of directors and management have always directed their actions to be in the best interests of the company's stockholders. Together, executive management and the board of directors own approximately 19 percent of the company, which shows clear alignment with Datastream's stockholders.'
About Datastream Systems, Inc.
Datastream Systems, Inc. (NASDAQ: DSTM) provides asset lifecycle management software and services that help companies maximize the return on investment in capital assets. Through the Datastream Network, Datastream customers are able to access products, services and alliances to automate the evaluation, purchase, tracking, management and disposal of capital assets. The Datastream Network includes Datastream 7iTM, the company's flagship enterprise asset management solution, and Datastream's integrated procurement network, iProcureTM.
Founded in 1986, Datastream has customers in 129 countries. Datastream products and services are in use by more than 65 percent of the Fortune 500.