09:58 AM EDT, 04/19/2024 (MT Newswires) -- Progress Software ( PRGS ) said Friday that it is considering an offer to acquire all of the debt and share capital of MariaDB ( MRDB ) for $0.60 per share in cash.

The potential offer values MariaDB's ( MRDB ) entire issued ordinary share capital at approximately $40.6 million.

The company said the offer represents an 88% premium to MariaDB's ( MRDB ) average closing share price on the last 30 trading days prior to Progress' March 26 announcement that it was interested in acquiring MariaDB ( MRDB ).

Shares of MariaDB ( MRDB ) were up more than 11% in recent trading.