Sale of Continuus Clears Antitrust Hurdle

A Swedish software firm’s proposed acquisition of Irvine competitor Continuus Software Corp. has cleared a key antitrust hurdle, the companies said Wednesday.

Telelogic AB, which makes software used for programming cellular phones, said Oct. 25 it agreed to acquire Continuus for $42 million in stock--$3.46 per Continuus share.

The transaction has cleared a waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act, the companies said.

The tender offer will expire Tuesday, Continuus said in a press release.

In early November, a group including Continuus Chairman and Chief Executive John R. Wark agreed to tender its shares to Telelogic. The group owns about 40% of the company’s outstanding shares.

Continuus shares closed Wednesday at $3.34, down 6 cents, in Nasdaq trading.