CHICAGO, Sept. 26, 2011 /PRNewswire/ -- GTCR Gridlock
Holdings, Inc. today announced the successful completion of the
tender offer for all outstanding shares of common stock of Global
Traffic Network, Inc. (NASDAQ: GNET) ("Global") at a price of
$14.00 per share, net to the seller
in cash, without interest and less any applicable withholding tax.
The tender offer expired at 5:00
P.M., New York City time,
on Friday, September 23, 2011.
The depositary for the tender offer has advised that, as of the
expiration of the tender offer, approximately 14,123,677 shares
were validly tendered and not withdrawn in the tender offer (which
includes commitments to tender approximately 1,154,269 shares under
the guaranteed delivery procedures described in the tender offer),
representing approximately 70 percent of Global's issued and
outstanding shares on a fully diluted basis. All conditions
to the offer have been satisfied. All shares that were validly
tendered and not withdrawn have been accepted for payment in
accordance with the terms of the tender offer.
As a result of the purchase of shares in the tender offer and
upon the purchase of shares from Global pursuant to the exercise of
the top-up option granted to GTCR Gridlock Acquisition Sub, Inc.,
we will have sufficient voting power under Nevada corporate law to complete the
acquisition of Global through a merger without a separate vote or
meeting of shareholders of Global. We expect to complete the
merger on September 28, 2011.
Following the merger, Global will be a wholly-owned
subsidiary of GTCR Gridlock Holdings. Under the merger agreement,
all remaining publicly held shares will be converted into the right
to receive the same $14.00 per share
in cash, without interest and less any applicable withholding tax,
that was paid in the tender offer.
SOURCE GTCR Gridlock Holdings, Inc.