Wicat Systems Inc, the one-time pioneer of 68000-based Unix systems but latterly a specialist in computer-based training software and systems – the name stands for World Institute for Computer-Aided Training – has agreed to be acquired by Minneapolis-based Jostens Inc in a share exchange after which Wicat will be combined with Jostens’ Jostens Learning Corp subsidiary. Jostens will issue about 3.8m common shares, subject to adjustment, for about 22m outstanding shares of Wicat, valuing the company at at least $100m – if the price of Josten’s shares falls below $25, Wicat can walk away. If the average price for Jostens’ stock for the 20 trading days prior to closing is between $29.74 and $38.06, each Wicat share will be converted into 0.1681 of a Jostens share, putting a maximum value on the deal of $140m and there are formulae to calculate the price outside those ranges. Wicat, Orem, Utah, had sales of $49m for the year ended March 31, 1991 and Jostens is running at about $760m annual sales.
