Acquisition Plans Send Peregrine Stock Into Dive

Peregrine Systems Inc. shares tumbled 37% on concern that the business-software maker’s planned $2.1-billion acquisition of Harbinger Corp. could slow its growth. The shares plunged $21.25 to close at $36.75 in Nasdaq trading, chopping the transaction value to about $1.3 billion. San Diego-based Peregrine said Wednesday it agreed to swap 0.75 share for each Harbinger share. Shares of Atlanta-based Harbinger, an electronic-commerce software provider, rose $2.44 to close at $26.56, also on Nasdaq. Chief Executive Steve Gardner said Peregrine remains convinced that the agreement will help the company.