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. Last Updated: 07/27/2016

Baan Buyout

LONDON -- British engineering group Invensys PLC announced Wednesday an all-cash agreed takeover of loss-making Dutch software firm Baan for $714 million.

The deal, which represents a multiple of around 1.25 times Baan's expected 2000 sales, ends misery for Baan investors, who have seen the value of the company's shares slump from as a high as 49 euros ($45) two years ago.

At one time Baan was Europe's second largest software company, just behind Germany's SAP, which is currently valued at over 50 billion euros.