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Progress Software ups quarterly dividend after third quarter results beat expectations

Chief Executive Yogesh Gupta said the company has decided that being acquired was "not in the best interest of Progress or its stakeholders"
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It raised its dividend by 12% to 14 US cents from 12.5 US cents, which will be paid to shareholders on 15 December.

Progress Software Corp (NYSE:PRGS) said it is raising its quarterly dividend after its preliminary third quarter results, which saw both earnings and revenues beat market expectations.

It raised its dividend by 12% to 14 US cents from 12.5 US cents, which will be paid to shareholders on 15 December.

Earnings per share are expected to be 23 US cents, while adjusted EPS is projected at 48 US cents, against market expectations for 42 US cents.

Revenue is expected to be come in at US$97.3mln, again above the US$95.8mln pencilled in by the market.

Being acquired not in best interest of Progress

The company raised its quarterly dividend to 14 cents per share from 12.5 cents per share.

Chief Executive Yogesh Gupta said the company has decided that being acquired was "not in the best interest of Progress or its stakeholders."

On August 2, Praesidium filed a Schedule 13D filing with suggestions for Progress, including an acquisition by a third party.

The company will formally announce third-quarter earnings on 27 September. Progress shares are halted in premarket trading.

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