Verizon Completes Tender Offer for Terremark Worldwide, Inc
April 01, 2011 7:52 AM
Verizon Communications Inc. (NYSE: VZ) today announced the successful completion of the tender offer made by Verizon's wholly owned subsidiary, Verizon Holdings Inc., for all outstanding shares of Terremark Worldwide, Inc. (Nasdaq: TMRK) common stock.
The tender offer and withdrawal rights expired at midnight Eastern time on March 31. According to the depositary for the tender offer, approximately 59,754,625 shares were validly tendered and not withdrawn as of the expiration time. This represents approximately 70.90 percent of Terremark's outstanding shares of common stock on a fully diluted basis and 84.06 percent of Terremark's outstanding shares of common stock, giving Verizon control of Terremark.
Verizon Holdings has accepted for purchase all shares that were validly tendered and not properly withdrawn and will promptly pay for such shares at the offer price of $19 per share, net to the seller in cash, without interest and less any applicable withholding taxes.
