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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news