Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Emulex makes 80.7M pound takeover offer for Endace

Emulex makes 80.7M pound takeover offer for Endace, a 69% premium

Dec. 6 (BusinessDesk) - Dec. 6 (BusinessDesk) – Emulex, the NYSE-listed data storage maker, offered to buy Endace, at a 69 percent premium to its last trading price, winning over the target company’s independent directors.

A subsidiary of Emulex, El Dorado Research Venture, plans to offer 5 pounds a share cash for Endace, the New Zealand-based, London Stock Exchange listed company that commercialised cyber-security research done by Waikato University. The offer values Endace at 80.7 million pounds.

Shares of Endace last traded at 295 pence on London’s AIM market and have declined 43 percent in the past year.

The independent directors support and have committed to accept the offer and recommend it to shareholders, pending an independent assessment from Grant Samuel, the company said.

“I believe this is a compelling offer for Endace and its shareholders,” said deputy chairman John Scott. “As a relatively small independent technology company competing in a large and growing market, joining forces with Emulex makes excellent sense and is a very satisfactory outcome to the process of evaluating our strategic options.”

The offer follows an approach from Emulex, which has since performed due diligence. It has lockup agreements with Endace chairman and co-founder Ian Graham for his 7.45 percent holding, chief executive Mike Riley for his 593,953 shares, and 2.99 percent of the shares held by two other directors, the company said. Another founder, Selwyn Pellett, has committed his 5.89 percent holding.

The deal is subject to consent from the Overseas Investment Office and the Ministry of Business Innovation and Employment in respect of certain grants, it said.

Endace also gave a brief update on the performance of the company, saying trading since Sept. 30 has been in line with expectations.

The company provides high-performance traffic analysis, latency measurement, network security and application acceleration solutions that capture, inspect and report on every single data packet, according to its website.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news