Double-Take Software, Inc. Stockholders Approve Merger Agreement with Wholly-Owned Subsidiary of Vision Solutions
July 22 2010 - 6:05PM
Business Wire
Double-Take Software, Inc. (NASDAQ: DBTK), a leading provider of
recovery solutions, today announced that on July 22, 2010, its
stockholders approved the proposal to adopt the previously
announced merger agreement with Vision Solutions, Inc., a portfolio
company of Thoma Bravo, LLC, and HA Merger Sub, Inc., a
wholly-owned subsidiary of Vision Solutions.
The affirmative vote of the holders of a majority of the
outstanding shares of the Company’s common stock was required to
approve the proposal to adopt the merger agreement. According to
the final vote tally of shares of Double-Take Software common
stock, approximately 71% of the outstanding shares of Double-Take
Software common stock as of June 18, 2010, the record date for the
special meeting, were voted to approve the proposal to adopt the
merger agreement. Under the terms of the merger agreement, the
Company’s stockholders will receive $10.55 in cash for each share
of Double-Take Software common stock they hold.
Subject to the satisfaction or waiver of certain conditions set
forth in the merger agreement and discussed in the Definitive Proxy
Statement on Schedule 14A filed by Double-Take Software with the
Securities and Exchange Commission on June 21, 2010, Double-Take
expects the merger contemplated by the merger agreement to close on
July 23, 2010 and that Double-Take Software’s common stock will
cease to trade on NASDAQ as of the close of business on July 23,
2010.
At the effective time of the merger, Double-Take will become a
wholly-owned subsidiary of Vision Solutions.
About Double-Take Software, Inc.
Headquartered in Southborough, Massachusetts, Double-Take®
Software is a leading provider of affordable software for
recoverability, including continuous data replication, application
availability and system state protection. Double-Take Software
products and services enable customers to protect and recover
business-critical data and applications such as Microsoft Exchange,
SQL, and SharePoint in both physical and virtual environments. With
its unparalleled partner programs, technical support, and
professional services, Double-Take Software is the solution of
choice for more than nineteen thousand customers worldwide, from
SMEs to the Fortune 500. Information about Double-Take Software's
products and services can be found at www.doubletake.com.
About Vision Solutions, Inc.
Vision Solutions, Inc. is a leading provider of high
availability, disaster recovery and system management solutions for
IBM Power Systems®. Vision Solutions supports its worldwide
customers in achieving their business goals through its
leading-edge technologies and its global network of partners. A
portfolio company of Thoma Bravo, LLC, Vision Solutions is
headquartered in Irvine, California with offices worldwide. For
more information, visit www.visionsolutions.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”,
“may”, “anticipate(s)”, “intend(s)” and similar expressions are
intended to identify such forward-looking statements. These
statements include, but are not limited to, the expected timing of
the acquisition; the ability of Vision Solutions and Double-Take to
close the acquisition; and statements regarding future performance.
All of such information and statements are subject to certain risks
and uncertainties, the effects of which are difficult to predict
and generally beyond the control of Double-Take, that could cause
actual results to differ materially from those expressed in, or
implied or projected by, the forward-looking information and
statements. These risks and uncertainties include, but are not
limited to: (i) uncertainties associated with the acquisition of
the Company by Vision, (ii) uncertainties as to the timing of the
merger; (iii) the ability of the parties to satisfy closing
conditions to the transaction; (iv) changes in economic, business,
competitive, technological and/or regulatory factors; and (v) those
risks identified and discussed by Double-Take in its filings with
the U.S. Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements
that speak only as of the date hereof. Neither Vision Solutions nor
Double-Take undertakes any obligation to republish revised
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. Readers are also urged to carefully review and consider the
various disclosures in Double-Take’s SEC periodic and interim
reports, including but not limited to its Definitive Proxy
Statement on Schedule 14A filed on June 21, 2010, Annual Report on
Form 10-K for the fiscal year ended December 31, 2009, Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31,
2010 and Current Reports on Form 8-K filed from time to time by
Double-Take. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
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