Emulex accepts 88% of Endace shares
Emulex has announced today that acceptances have been received for 88% of the shares in Endace.
Emulex has declared the offer unconditional as to the level of acceptances, and has made an extension of the offer period by 14 days, to 1 p.m (GMT) on February 26, for the remaining shareholders to submit their shares to accept the offer.
The company says it will not further extend the offer period without declaring the offer wholly unconditional.
“With this announcement, we have taken one more significant step toward the completion of the acquisition of Endace, and we look forward to welcoming the Endace team and obtaining complete ownership of Endace,” says Jim McCluney, CEO, Emulex.
“The acquisition of Endace doubles our total addressable market and places Emulex in another high-margin, high-growth market, enhancing our ability to deliver industry-leading solutions to connect, monitor and manage high-performance networks.”
By declaring the offer unconditional as to the level of acceptances, Emulex has waived the minimum acceptance condition, which had been stated in the offer to be holding or controlling 90% or more of the voting rights in Endace.
“We look forward to joining the Emulex team and moving forward with the next step in our strategy to become the market leader in network visibility solutions," says Mike Riley, CEO, Endace.
"The combined capabilities and technical depth of Emulex and Endace will enable us to deliver true end-to-end network management, expand our global reach and better support our customers.”
As reported by Techdaty, Endace received a cash takeover offer from Emulex in December last year, stating their intention to make an offer under the New Zealand Takeovers Code to purchase the company.