Dallas-based i2 terminates merger with JDA Software Group and Iceberg Acquisition Corp

by PegNews wire

Exact reasons for the termination were not given.

DALLAS — i2 Technologies, Inc. today announced that it has terminated its Agreement and Plan of Merger, dated as of Aug. 10, 2008, with JDA Software Group, Inc., and Iceberg Acquisition Corp, a wholly-owned subsidiary of JDA. JDA has not provided consent to disclosure of any discussions between the parties. i2 expects to receive the non-refundable termination fee of $20 million from JDA within three business days.

Jackson L. Wilson Jr., executive chairman of the i2 board of directors, commented, "i2 is a tremendous company with excellent customers, employees and a strong financial position with significant cash balances. While it is unfortunate that we could not consummate the merger agreement with JDA, we look forward to fully focusing on making our customers successful. The Board remains committed to delivering value to our stockholders and knows that i2ers around the world are immersed in ensuring the success of i2’s customers."

i2 Chief Executive Officer Dr. Pallab Chatterjee said, "In these difficult economic times, supply chain management is crucial to efficient business operations. So today, more than ever, businesses need the technology and expertise of i2. We are singularly focused on developing innovative solutions and delivering value to our customers worldwide.”

Source: i2 Technologies