Comverse jumps on report of acquisition interest

The "Wall Street Journal" said that several leading technology companies are considering buying all or parts of the firm.

Comverse Technology Inc. (Pink Sheets: CMVT.PK) shares rose 2.5% to $6.90 on Friday, following a jump of 15.4% on Thursday, after a "Wall Street Journal" report said that several leading technology companies are considering buying all or parts of the firm. Possible buyers included HP, Oracle, and Amdocs Ltd. (NYSE: DOX).

The report, citing "people familiar with the matter", also said several private equity funds, including Permira and Silver Lake Partners, are also contemplating buying Comverse.

According to sources, possible buyers are likely most interested in Comverse unit Verint Systems Inc. (Pink Sheets: VRNT), in which Comverse holds a 57% stake. Verint recently returned to Nasdaq trading.

Comverse, led by CEO Andre Dahan, had previously committed to filing its annual reports for the past several years by Thursday, but said it will delay the filings for about another week.

Verint shares rose 4.8% to close at $30.97 on Friday, after jumping 14.6% on Thursday.

Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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