Enterasys Shareholders Approve Merger; Closing set for March 1, 2006
17 2월 2006 - 3:26AM
Business Wire
Enterasys Networks, Inc. (NYSE: ETS), the Secure Networks
Company(TM), announced that its shareholders voted today to approve
the merger agreement by which Enterasys will be acquired by The
Gores Group, LLC ("Gores") and Tennenbaum Capital Partners, LLC
("Tennenbaum") for approximately $386 million. Under the terms of
the merger each outstanding share of Enterasys common stock will be
converted into the right to receive $13.92 in cash. More than the
required majority of outstanding shares were voted at today's
special meeting of the shareholders, and of those shares voted,
over 95 percent voted in favor of the merger. "Today's shareholder
approval brings the benefits of the merger one step closer to our
shareholders as well as to our employees and customers," said Mark
Aslett, President and CEO of Enterasys. The parties have agreed
that the closing of the merger will occur on March 1, 2006 so that
they can obtain a recently identified foreign regulatory approval
related to the financing structure, which is not a condition to the
closing of the merger. Given today's shareholder approval and the
anticipated closing of the merger transaction, the Company
currently does not expect to release financial results for the
fourth fiscal quarter and year ended December 31, 2005. About
Enterasys Networks Enterasys Networks--the Secure Networks
Company(TM)--provides enterprises with the most integrated,
up-to-date portfolio of security-enabled network infrastructure
products, centralized command and control software, and advanced
security applications available today. Information about the
company's award-winning line of policy-enabled switches, routers,
wireless products, security software, and services is available at
www.enterasys.com. (ETS-F) This news release contains
forward-looking statements regarding future events, activities and
financial performance, such as management's expectations regarding
future revenue and cash flow; strategic relationships and market
opportunities; product development; and other business strategies
and objectives. These statements may be identified with such words
as "we expect," "we believe," "we anticipate," or similar
indications of future expectations. These statements are neither
promises nor guarantees, and actual future financial performance,
events and activities may differ materially. Readers are cautioned
not to place undue reliance on these statements, which speak only
as of the date hereof. We expressly disclaim any obligation to
update such statements publicly to reflect changes in the
expectations, assumptions, events or circumstances on which such
statements may be based or that may affect the likelihood that
actual results will differ materially. Some risks and uncertainties
that may cause actual results to differ materially from these
forward-looking statements include, but are not limited to: risks
associated with the proposed merger; worldwide and regional
economic uncertainty and recent political and social turmoil may
continue to negatively affect our business and revenue; we have a
history of losses in recent years and may not operate profitably in
the future; our quarterly operating results may fluctuate, which
could cause us to fail to meet quarterly operating targets and
result in a decline in our stock price; we earn a substantial
portion of our revenue for each quarter in the last month of each
quarter, which reduces our ability to accurately forecast our
quarterly results and increases the risk that we will be unable to
achieve previously forecasted results; we continue to introduce new
products, and if our customers delay product purchases or choose
alternative solutions, or if sales of new products are not
sufficient to offset declines in sales of older products, our
revenue could decline, we may incur excess and obsolete inventory
charges, and our financial condition could be harmed; we may be
unable to upgrade our indirect distribution channels or otherwise
enhance our selling capabilities, which may hinder our ability to
grow our customer base and increase our revenue; we have
experienced significant changes in senior management and our
current management team has been together for only a limited time,
which could limit our ability to achieve our objectives and
effectively operate our business; there is intense competition in
the market for enterprise network equipment, which could prevent us
from increasing our revenue and achieving profitability; a portion
of the enterprises we sell to rely in whole or in part on public
funding and often face significant budgetary pressure, and if these
customers must delay, reduce or forego purchasing from us, our
revenues could be harmed; we depend upon a limited number of
contract manufacturers for substantially all of our manufacturing
requirements, and the loss of any of our primary contract
manufacturers would impair our ability to meet the demands of our
customers; and those additional risks and uncertainties discussed
in our most recent filings with the Securities and Exchange
Commission, including our quarterly report on Form 10-Q for the
fiscal quarter ended October 1, 2005.
Enterasys (NYSE:ETS)
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Enterasys (NYSE:ETS)
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