View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
December 18, 2006

Options inquiry wrecks Embarcadero takeover

A review of stock option practises has scuppered the $234m cash buyout of database tools provider Embarcadero Technologies Inc by private equity company Thomas Cressey Equity Partners.

By CBR Staff Writer

In a joint statement, they said that they had agreed to release any claims they may have against each other and that no termination fee would be paid by either party.

The deal was announced in September but Embarcadero warned last month that the stock option inquiry could put the timescale in difficulty. A special committee of the board found evidence of backdating of stock options, and the company will need to restate its accounts all the back to 2000.

Embarcadero has admitted that the issues underlying the restatements represent material weaknesses of internal control over financial reporting.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.