Archive Boosts Offer for Cipher Data
Archive Corp. on Friday said it will boost its offering price for rival Cipher Data Products to $8.25 a share, or $123.5 million, if Cipher’s directors endorse the takeover.
Cipher’s stock closed at $7.25 a share in light over-the-counter trading Friday.
Archive, a Costa Mesa manufacturer of computer products, started its acquisition bid in December with a $7.50-per-share offer worth $109 million.
The latest offer was made in a letter sent Friday to the board of directors of San Diego-based Cipher.
In the letter, which Archive officials released late Friday, the company complained that Cipher’s directors have not responded to its bid to acquire the company.
Separately, Archive is suing Cipher over an alleged patent infringement and said Friday that the trial date for the suit, filed in 1988, has been postponed until Oct. 2.
