Emulex completes acquisition of Endace

USA:  Emulex Corp. has announced the completion of its acquisition of Endace Ltd.

Emulex acquired control of Endace, and beneficial ownership of 89 percent of the shares of Endace, on February 26, 2013. Emulex has now completed the acquisition of beneficial ownership of 99.9 percent of the shares of Endace, and the process for the compulsory acquisition of the remaining Endace shares by Emulex pursuant to the New Zealand Takeovers Code has commenced.

"I'm pleased to report progress during the last month in combining Endace into the Emulex organization, and now obtaining complete ownership," said Jim McCluney, CEO of Emulex. "The reactions we have received from customers and employees have reinforced our conclusions that Emulex and Endace make a great combination. Together, we are creating a new class of end-to-end network convergence and visibility solutions that will enable optimal delivery of applications for the enterprise, mobile applications and the Cloud."

The receiving agent has reported that 212 acceptances have been received for a total of 15,199,588 shares, which is 99.9 percent of the 15,220,068 shares of Endace outstanding. The receiving agent reported that there are 18 non-acceptors who hold a total of 20,480 shares, which is 0.1 percent of the 15,220,068 shares of Endace outstanding.

The 99.9 percent of shares received by March 28, 2013 have been purchased at the offer price of GBP 5.00 per share, for a total of GBP 75,997,940, which is equal to USD 119,783,303 at the reference exchange rate. The reference exchange rate of 0.6345 GBP per 1 USD is based on the actual rates obtained by Emulex for the currency conversion.

The Endace employee stock options were purchased for GBP 4,555,929 which is equal to $7,180,777 at the reference exchange rate. The remaining 0.1 percent of the Endace shares will result in an additional payment of GBP 102,400, which is equal to $161,397 at the reference exchange rate.