Tender Care Strollers
The Tender Offer Will Be Subjected To Normal Conditions, Including That There Be Validly Tendered In The Tender Offer And Not Withdrawn Several Shares Which Represents At Least A Majority Of The Shares Of Common Stock Then Issued And Major, Excluding From Such Calculation Shares Held By Global’s Executive Officers.
New York, August 03, 2011 — World Traffic Network, Inc. GNET +19.71%, a leader in the provision of custom traffic and news reports to radio and TV stations outside the U. S. , confirmed today that it has entered into a conclusive amalgamation agreement to be gotten by an associate of GTCR, LLC (“GTCR”), a leading private equity firm.
Under the terms and conditions of the agreement, Global stockholders will receive $14.00 in readies for each share of Global’s common stock, which represents approximately a 20.0% premium over the final price on Tues., Aug two, 2011 and a 22.7% premium based mostly on the 60-day volume weighted average price of $11.41.
The purchase of Global will be completed thru a cash tender offer for all notable shares of Global’s common stock that is predicted to commence immediately. The tender offer will be subject to normal conditions, including that there be validly tendered in the tender offer and not withdrawn a considerable number of shares which represents at least a majority of the stock of common stock then issued and notable, excluding from such calculation shares held by Global’s executive officials. The transaction isn’t subject to any financing condition.
The tender offer will be followed by a merger in which each share of common stock not bought in the tender offer will be modified into a right to receive $14.00 per share in notes, without interest. On completion of the transaction, Global will turn into a private company, controlled by an affiliate of GTCR. The transaction is expected to be completed by Q4 of 2011.
Global has the right under the amalgamation agreement to ask for competing bids in a period expiring on Sep thirteen, 2011. Subject to certain needs of the fusion agreement, World may barter with parties that submit qualifying competing suggestions in the 1st solicitation period for a period expiring on October 1, 2011.
The tender offer is needed to remain until the completion of the solicitation period, and if applicable , the successive negotiation period. Global’s Board of Directors has, primarily based on the unanimous recommendation of a Special Committee comprised solely of independent directors, authorized the merger agreement and the transactions contemplated thus.
Mr. Yde said : “We assume the sale cost of $14.00 per share represents compelling price for our backers. This price is both a serious premium over the current trading price and represents a record high for the stock. The purchase price also represents an almost 200% increase from our 1st public offering of $5.00 in March 2006.”
Moelis & Company and Milbank, Tweed, Hadley & McCloy LLP are serving as monetary and legal consultant to the Special Panel of the Board of Directors of the Company [*COMMA] respectively [*T]. Latham & Watkins LLP is serving as legal advisor to GTCR.
Conference Chat
Global Traffic Network, Inc. Will host a conferencing call at 10:30 a.m. EST on Wed., Aug three, 2011, to talk about this transaction and other relevant matters. To hear the call, dial (877) 303-9131 (domestic), or (408) 337-0141 (international), and enter the pass code 89193915.
Worldwide is a premium supplier of custom traffic and news reports to radio and TV stations outside the U.S. The Company operates the largest traffic and stories network in Australia, operates traffic networks in 8 Canadian markets and the largest nationwide radio traffic network across the UK.
In return for providing custom traffic and news stories, TV and radio stations provide Worldwide Traffic Network with commercial airtime inventory that the Company sells to advertisers. As a consequence, radio and TV stations incur no out-of-pocket costs when contracting to use Global Traffic Network’s services. For more info, visit the Organization’s site at www.globaltrafficnetwork.com., writes tagza.com.
DESIGNER CELEBRITY STYLE 6-IN-1 BABY TOTE: www.tendatot.com
|
|
Peg Perego $200.00 … |
This entry was posted on Tuesday, July 20th, 2010 at 10:09 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.