July 6, 1995 in Nation/World

Ibm Tender Offer For Lotus Completed

Compiled From Wire Services
 

International Business Machines Corp. said it completed its $3.5 billion tender offer for Lotus Development Corp., the largest software acquisition in the history of the industry.

Lotus, publisher of the pioneering 1-2-3 spreadsheet and Notes applications, will become a subsidiary of the world’s biggest computer company. The companies have said that Lotus Chairman Jim Manzi will become an IBM senior vice president.

The acquisition gives IBM a key product to compete against Microsoft Corp.’s dominance of the desktop computer software market.

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