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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.

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