Check Point Software Technologies Ltd. stock rose Thursday after the company said it is on track to acquire Protect Data AB, a Swedish security company it offered to buy for $625 million in cash.
Shares of Check Point closed up 68 cents, or 3 percent, at $23.10 on the Nasdaq Stock Market.
Israel-based Check Point said about 87 percent of Protect Data shares and warrants on a fully diluted basis were tendered in Check Point's offer for the company. Check Point said it plans to acquire the tendered shares and warrants.
It has extended the acceptance period for remaining shareholders until Jan. 22.
Check Point, which develops firewall, virtual private network and security-management software, originally bid $586 million for Protect Data in November. Check Point then raised its bid to $625 million in December.
The acquisition of Protect Data is part of a push by Check Point into data and network security. Earlier this week, Check Point completed a $20 million deal to buy Rockville, Md.-based NFR Security Inc.
AP
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