Recommended Cash and Share Offer by SERENA Software, Inc. and by Lehman Brothers on Its Behalf

The Boards of SERENA Software, Inc. ("SERENA") and Merant plc ("Merant") announce that they have reached agreement on the terms of a recommended cash and share offer (the "Offer") to be made by SERENA and by Lehman Brothers on its behalf (outside of the United States) for the entire issued and to be issued share capital of Merant, including Merant Shares represented by Merant ADSs.

Strategic rationale

-- The acquisition of Merant will create the second largest
provider of Enterprise Change Management ("ECM") software
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