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MetaTools Completes Fractal Design Takeover

May 30, 1997|(Bloomberg News)

MetaTools Inc. said it completed its takeover of Fractal Design Corp. The Carpinteria-based maker of software for manipulating images on computers said the addition of Fractal Design will help it expand its business of selling graphics software to the print and electronic publishing and video entertainment industries. A $9-million charge reflecting costs relating to the takeover will be taken for the second quarter. The merged entity has been renamed MetaCreations Corp. Last month, the company said it would take a charge of about $7 million in the quarter related to its takeover of closely held Spectacular International. At today's closing price of $11.75 for MetaTools, the offer of 0.749 shares for each Fractal share values the acquisition at about $114 million. MetaTools shares fell 12.5 cents to $11.75.

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