Loading...
Loading...
Emulex
Corporation
ELX, the leading provider of converged networking
solutions, and Endace Limited
EDA, a leading supplier of network
visibility infrastructure products, announced today that acceptances have been
received for 88 percent of the shares in Endace. Emulex has declared the Offer
unconditional as to the level of acceptances, and has made an extension of the
offer period by 14 days, to 1 p.m. London time on February 26, 2013 for the
remaining shareholders to submit their shares to accept the Offer. Emulex will
not further extend the offer period without declaring the Offer wholly
unconditional.
(Logo: http://photos.prnewswire.com/prnh/20120403/NE81278LOGO )
"With this announcement, we have taken one more significant step toward the
completion of the acquisition of Endace, and we look forward to welcoming the
Endace team and obtaining complete ownership of Endace," said Jim McCluney,
chief executive officer (CEO) of Emulex. "The acquisition of Endace doubles
our total addressable market and places Emulex in another high-margin,
high-growth market, enhancing our ability to deliver industry-leading
solutions to connect, monitor and manage high-performance networks."
Mike Riley, CEO of Endace, said, "We look forward to joining the Emulex team
and moving forward with the next step in our strategy to become the market
leader in network visibility solutions. The combined capabilities and
technical depth of Emulex and Endace will enable us to deliver true end-to-end
network management, expand our global reach and better support our customers."
By declaring the Offer unconditional as to the level of acceptances, Emulex
has waived the minimum acceptance condition, which had been stated in the
Offer to be holding or controlling 90 percent or more of the voting rights in
Endace.
Emulex has made no commitment to purchase outstanding shares of Endace after
February 26, 2013, unless Emulex reaches ownership of 90 percent of the Endace
shares, in which case the New Zealand Takeovers Code (NZTC) includes a
requirement for Emulex to provide an acquisition notice stating either (a)
that remaining Endace shares must be sold to Emulex; or (b) that remaining
Endace shareholders may sell their remaining Endace shares to Emulex. The 88.4
percent of shares received by February 12, 2013 will be paid, should the Offer
be completed, at the offer price of GBP 5.00 per share, for a total of GBP
67,306,715, which is equal to USD 106,084,726 at the current exchange rate of
GBP 0.634 per USD. All of the Endace employee stock options will be purchased,
should the Offer be completed, for GBP 4,542,429, which is equal to USD
7,159,498 at the current exchange rate. If the remaining 11.6 percent of the
Endace shares are submitted by the February 26, 2013 offer period end date,
then an additional payment of GBP 8,793,625 will be made should the Offer be
completed, which is equal to USD 13,859,974 at the current exchange rate.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in