Emulex to mop up remaining Endace shares after crossing threshold
The takeover will see Endace delist from the AIM exchange, where it has struggled to gain investor attention for its innovations in network visibility.
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Emulex Corp, the US computer network provider, will mop up the remaining shares in New Zealand-based, London AIM exchange-listed Endace after crossing the threshold to enforce compulsory acquisition in its fourth extension to the offer.
The New York Stock Exchange-listed Emulex has received 99.9 percent of acceptances as at March 28 for some £76 million, or $US119.8 million, and has already paid £4.6 million, or $US7.2 million, for employee stock options, it says in a statement.
That means it has crossed the 90 percent level needed to enforce compulsory acquisition under New Zealand's Takeovers Code. The remaining 0.1 percent of Endace will cost £102,400, or $US161,397, Emulex says.
After two extensions, the US company declared the £80.7 million offer unconditional in February as slow acceptances initially left it short of meeting provisions to take full ownership. It extended its bid twice more to hit the full takeover target.
The takeover will see Endace delist from the AIM exchange, where it has struggled to gain investor attention for its innovations in network visibility.
(BusinessDesk)
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Emulex to mop up remaining Endace shares after crossing threshold
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