CHICAGO, Sept. 14, 2011 /PRNewswire/ -- GTCR Gridlock
Holdings, Inc. announced today that its subsidiary, GTCR
Acquisition Sub, Inc. (the "Purchaser"), extended its previously
announced offer to purchase all outstanding shares of common stock
of Global Traffic Network, Inc. (NASDAQ: GNET) ("Global") at a
price of $14.00 per share, net to the
seller in cash, without interest and less any applicable
withholding tax, until 5:00 P.M.,
New York City time, on
Friday, September 23, 2011.
The Purchaser extended the expiration date of the tender offer
as a result of executing a memorandum of understanding in
connection with the settlement of the previously disclosed
complaint captioned Broadbased Equities v. William L. Yde III, et al., pending in the
Supreme Court of the State of New
York, New York County.
The settlement provides for certain supplemental disclosures
to be made by Global to its stockholders, and is subject to court
approval and the completion of the tender offer and the merger.
The defendants deny all allegations of wrongdoing alleged by
the plaintiff in the complaint.
GTCR Gridlock Holdings also announced that Global notified it
that the "go-shop" period under the merger agreement, during which
Global's special committee solicited competing proposals to the
offer and the merger, terminated at 11:59
p.m., New York time, on
September 13, 2011, and that despite
contacting 80 parties, no party submitted an inquiry or proposal
during the "go-shop" period that specified or suggested an
acquisition price for Global or otherwise constituted a competing
proposal to the offer and the merger.
The depositary for the tender offer has advised that, as of
5:00 P.M., New York City time, on Tuesday, September 13, 2011, an aggregate of
approximately 4,023,282 shares of Global's common stock, or
approximately 21% of Global's outstanding shares had been tendered
into, and had not been withdrawn from, the tender offer.
Additional Information and Where to Find It
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any shares
of Global's common stock. The solicitation and the offer to buy
shares of Global's common stock is being made pursuant to an offer
to purchase and related materials that affiliates of GTCR Gridlock
Holdings have filed with the Securities and Exchange Commission.
Affiliates of GTCR Gridlock Holdings have also filed a tender offer
statement on Schedule TO, as amended, with the Securities and
Exchange Commission in connection with the commencement of the
offer, and Global has filed a solicitation/recommendation statement
on Schedule 14D-9, as amended, with respect to the offer. Also,
Global, certain of its affiliates and certain of GTCR Gridlock
Holdings' affiliates have filed a transaction statement on Schedule
13e-3, as amended, with the Securities Exchange Commission.
The tender offer statement (including an offer to purchase, a
related letter of transmittal and other offer documents), the
solicitation/recommendation statement and the transaction
statement, all as amended, contain important information that
should be read carefully and considered before any decision is made
with respect to the tender offer. These materials (and all other
materials filed by GTCR Gridlock Holdings or Global with the
Securities and Exchange Commission) are available free of charge at
the website of the Securities and Exchange Commission at
www.sec.gov, from the MacKenzie Partners, Inc., the information
agent named in the tender offer materials, at (800) 322-2885, or
from Wells Fargo Bank, N.A., the depositary for the tender offer,
at (800) 486-9716.
SOURCE GTCR Gridlock Holdings, Inc.