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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news