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With some of its largest shareholders pushing for it to sell itself, supply chain software maker i2 Technologies Inc. acknowledged Thursday it is considering a sale as part of a strategic review. In a statement, i2 said J.P. Morgan Securities Inc. has been reviewing alternatives for the company "since early this year," though it just announced Thursday it established a committee of independent directors to evaluate its options. An i2 spokeswoman declined additional comment. In its statement, the Dallas company said forming the strategic review committee "allows the scope of the review to be expanded so that the board of directors has a full and complete picture of all available strategic options." the company expected to conclude the review at the end of January, and added that it will not provide updates until it is complete. JMP Securities LLC analyst Patrick Walravens said in a research note that he values i2 at $22 a share, or $469 million, based on a "sum of the parts" analysis of the company, though he added it was unclear how much its intellectual property would be worth. In Thursday trading, i2 shares climbed 6.6% to $18.08, giving the company a market capitalization of $385 million. Acquisitive Oracle Corp. of Redwood Shore, Calif., and Walldorf, Germany-based SAP AG have been mentioned most prominently as potential acquirers of i2. But Jamie Friedman, an analyst with Susquehanna International Group LLP, said i2 also could draw interest from both JDA Software Group Inc. of Scottsdale, Ariz., and Manhattan Associates Inc. of Atlanta, which both have the wherewithal to complete a deal. I2 is involved in litigation against SAP over a patent infringements, and there are indications the suit has some merit, which could affect the timing of a sale. A trial date on the claims has not been set. Friedman said he expects i2 will be sold, though he was not sure whether a deal would get done by January. He said i2 co-founder Sanjiv Sidhu, who owns 26.1% of the company, could wield much influence over a deal being reached. I2's board might be feeling more urgency to complete a deal because of the pressure from the large outside shareholders, some weakness in its financial results and because its CEO, Mike McGrath, resigned over the summer and has not been replaced. Last month, activist hedge fund SAC Capital Advisors said in a regulatory filing it believed the best way for i2 to increase shareholder value was through a sale of the company. Its filing came just weeks after another shareholder, Amalgamated Gadget LP, said i2 should implement a strategic review and sale process "with the utmost speed." Stamford, Conn.-based SAC owns 8.9% of i2, while Amalgamated Gadget of Fort Worth, operated by billionaire Geoffrey Raynor, has a 17.6% stake and two seats on the i2 board of directors. A call was placed with Amalgamated Gadget seeking comment. SAC declined comment.  Deal Video
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