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Technology / AI and automation

ASK WRAPS UP INGRES ACQUISITION

Ask Computer Systems Inc, Mountain View, yesterday effectively wrapped up its proposed acquisition of Ingres Corp, saying that at the close of its tender offer, 94% of Ingres shares had been tendered and that it would be paying for them promptly. It also said that it had now, as proposed, sold a total of 5.6m new Ask shares to Electronic Data Systems Corp and Hewlett-Packard Co for $60m cash. The last piece of the jigsaw fell into place when Ask signed a definitive bank credit agreement with Chase Manhattan Bank, under which it can borrow up to $50m in order to fund, in part, the purchase of Ingres shares and to pay a portion of the costs of the acquisition.

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CBR Staff Writer

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