Emulex has completed its acquisition of Endace with a beneficial ownership of 89% but has further extended its for remaining shareholders to submit their shares to the offer.
Delaying the decision period by two weeks until March 12, it is also likely that Endace will shortly be de-listed from trading on the London Stock Exchange AIM.
“I’m excited to welcome Mike Riley and the Endace team to Emulex,” 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.”
After announcing that acceptances were received for 88% of the shares in Endace on February 14, Emulex now continues to urge Endace shareholders to submit share acceptances so it can attains 100% ownership of the business.
Three directors selected by Emulex have already joined the Endace board, while two of the previous directors of Endace have remained on the board.
An application is being made to the London Stock Exchange to cancel the admission of the Endace shares on AIM, with such de-listing expected to become effective March 27 in accordance with the AIM rules for 20 business days advance notice.
Mike Riley, CEO of Endace, now senior vice president and general manager of Endace, a division of Emulex, said, “We are delighted to become a part of Emulex, and this marks the next step in our strategy to become the market leader in network visibility solutions.
"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 Techday, 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.