Acquisition of Enterasys Networks Completed - Shareholders to receive $13.92 in cash per common share
02 3월 2006 - 5:11AM
Business Wire
Enterasys Networks, Inc. (NYSE: ETS), the Secure Networks
Company(TM), today announced the completion of the acquisition of
the Company by a group of private investors led by The Gores Group,
LLC and Tennenbaum Capital Partners, LLC. Under the terms of the
merger agreement, which was approved by Enterasys shareholders on
February 16, each outstanding share of Enterasys common stock was
converted into the right to receive $13.92 in cash. Enterasys
common stock will no longer be publicly traded following the close
of trading today. The Company has appointed Computershare Trust
Company as its paying agent. Within approximately five days, the
paying agent will distribute letters of transmittal and
instructions to shareholders of record, which will tell them how to
surrender their stock in exchange for the merger consideration.
Shareholders should expect payment for their shares within
approximately 10 business days after the paying agent receives
properly completed letters of transmittal and required accompanying
documentation. Questions and correspondence related to the
transaction should be directed to Computershare at 1-800-254-5196
(U.S. shareholders) or 1-781-575-3839 (brokers and shareholders
outside of the U.S.). 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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