Final UNIT4 offer results: 99.35% of shares acquired
- 99.35% of Shares tendered for acceptance
- Delisting to occur on 21 April 2014
SLIEDRECHT and LONDON, 21 March 2014 – AI Avocado B.V. (the “Offeror”), a company ultimately indirectly controlled by funds advised and managed by Advent International Corporation (“Advent”), and UNIT4 N.V. (“UNIT4”) are pleased to announce that during the post-closing acceptance period (na-aanmeldingstermijn) that ended on 19 March 2014 at 17:40 hours, Amsterdam time (the “Post-Closing Acceptance Period”), 1,372,087 issued and outstanding ordinary shares in the capital of UNIT4 were tendered for acceptance under the Offeror’s recommended all-cash public offer for all the issued and outstanding ordinary shares in the capital of UNIT4 Shares (the “Shares”) (the “Offer”). The Shares tendered in the Post-Closing Acceptance Period represent approximately 4.53% of the total number of Shares and a value (at the Offer Price of EUR 38.75 per Share) of EUR 53,168,371.
Together with the 28,519,086 Shares that were tendered during the initial offer period, the total number of Shares tendered for acceptance under the Offer amounts to 29,891,173 Shares, which represents approximately 98.79% of the total number of Shares and a value (at the Offer Price of EUR 38.75 per Share) of EUR 1,158,282,954. Together with any open market purchases, the Offeror now holds 30,058,340 Shares, which represents approximately 99.35% of the total number of Shares.
With reference to the Offer Memorandum and the joint press release of the Offeror and UNIT4 dated 5 March 2014, Shareholders who accepted the Offer shall receive an amount in cash of EUR 38.75 per Share cum dividend (the “Offer Price”) for each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and conditions and subject to the restrictions of the Offer.
Payment of the Offer Price per Share for those Shares that were validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) during the Post-Closing Acceptance Period shall occur as soon as possible after such Shares are tendered and delivered (geleverd) but ultimately on 31 March 2014.
As a result of the acquisition of more than 95% of the Shares by the Offeror, the Offeror and UNIT4 jointly announce that the listing and trading of the Shares on Euronext Amsterdam (“Euronext”) will be terminated.
In consultation with Euronext, it has been decided that the last day of trading of the Shares will be on 18 April 2014. This means that the termination of the listing of the Shares shall be effective as of 21 April 2014.
Reference is also made to Sections 6.11(a) and 6.12(a) of the Offer Memorandum.
Further consequences of the Offer
The Offeror intends to initiate a squeeze-out procedure and/or take other steps in order to acquire all Shares held by the minority shareholders.
The information in this press release is not intended to be complete. For further information in relation to the Offer explicit reference is made to the Offer Memorandum, which was published on 20 December 2013. The Offer Memorandum contains further details regarding the Offer. In addition, UNIT4 has made available the Position Statement, containing the information required by Section 18, paragraph 2 and Annex G of the Decree in connection with the Offer.
This announcement contains selected, condensed information regarding the Offer and does not replace the Offer Memorandum and/or the Position Statement.
Shareholders are advised to review the Offer Memorandum and the Position Statement in detail and to seek independent advice where appropriate in order to reach a reasoned judgment in respect of the Offer and the content of the Offer Memorandum and the Position Statement.
Copies of the Offer Memorandum are available free of charge at the offices of UNIT4 and the Paying and Exchange Agent and can be obtained by contacting the Offeror, UNIT4 or the Paying and Exchange Agent.
Digital copies of the Offer Memorandum are available on the websites of UNIT4 (www.unit4.com) and Advent (adventinternational.com). The UNIT4 and Advent websites do not constitute a part of, and are not incorporated by reference into, the Offer Memorandum. Digital copies of the Position Statement are available on the website of UNIT4 (www.unit4.com).
UNIT4 is a global cloud-focused business software and services company aimed at helping dynamic public sector and commercial services organizations to embrace change simply, quickly and cost effectively. The UNIT4 group incorporates a number of the world’s leading change embracing software brands including Agresso, our flagship ERP suite for mid-sized and large services intensive organizations; Coda, our best-of-class financial management software; and FinancialForce.com, the cloud applications company formed with investment from salesforce.com.
With operations in 26 countries worldwide, revenue of €490.5 million was realized in 2013. UNIT4 is headquartered in Sliedrecht, the Netherlands and has over 4,000 employees.
For more information on UNIT4 or any of its operating companies, please visit the website at www.unit4.com, follow us on Twitter @UNIT4_Group or visit our Facebook page.
About Advent International
This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the securities of UNIT4 in any jurisdiction.
The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Advent and UNIT4 disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Advent, nor UNIT4, nor any of their respective advisors assumes any responsibility for any violation by any person of any of these restrictions. Any UNIT4 shareholder who is in any doubt as to his position should consult an appropriate professional advisor without delay. This announcement is not to be published or distributed in or to Canada and Japan.
This press release may include “forward-looking statements” and language indicating trends, such as “anticipated” and “expected.” Although Advent and UNIT4 believe that the assumptions upon which their respective financial information and their respective forward-looking statements are based are reasonable, they can give no assurance that these assumptions will prove to be correct. Neither Advent nor UNIT4, nor any of their advisors accepts any responsibility for any financial information contained in this press release relating to the business or operations or results or financial condition of the other or their respective groups.