Symantec Announces Tender Offer for VeriSign Japan KK
Symantec Corp. (NASDAQ: SYMC) today announced it intends to commence a tender offer to purchase all of the outstanding shares of common stock and stock rights of publicly traded VeriSign Japan KK (TSE: 3722) that it does not already own through a wholly owned subsidiary of Symantec, GK Symantec Investments. The tender offer is expected to be launched on May 28, 2012 and to close on July 6, 2012, unless it is extended. Upon the successful closing of the tender offer, stockholders of VeriSign Japan KK will receive ¥44,000 (approximately US$556.00) for each share of VeriSign Japan KK common stock tendered in the offer. The tender offer has been recommended by a special panel appointed by the board of directors of VeriSign Japan KK.
The Tender Offer will be conducted as part of a series of transactions that are intended to result in VeriSign Japan KK becoming a wholly-owned subsidiary of Symantec. Symantec is currently the majority shareholder of VeriSign Japan KK with approximately 54 percent ownership, obtained through the acquisition of VeriSign's Authentication and Identity Businesses in August 2010.
"Symantec and VeriSign Japan have a common goal of establishing a much closer relationship between the two companies that a partnership alone could not achieve. We believe this will ultimately benefit customers, partners and shareholders by driving growth for User Authentication solutions in Japan and expanding SSL authentication services to offer companies comprehensive Website Security Solutions," said Enrique Salem, president and chief executive officer, Symantec. "By combining Symantec and VeriSign Japan, we continue to extend our strategy to create the most trusted brand for protecting people and information."
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