Stealth Acquisition Corp. Announces Successful Completion of Tender Offer for All Outstanding Shares of SafeNet, Inc.
April 12 2007 - 8:00AM
Business Wire
Stealth Acquisition Corp. today announced the completion of its
tender offer for all outstanding shares of SafeNet, Inc. (NASDAQ:
SFNT). The tender offer expired at 8:00 p.m. ET on April 11, 2007.
According to information provided by Computershare, the depositary
for the tender offer, as of that time, 17,939,205 shares,
representing more than 84% of SafeNet�s outstanding shares, were
tendered and not withdrawn in the offer (including shares tendered
by notice of guaranteed delivery). The subsequent merger to
finalize the acquisition is expected to close later today. All
remaining outstanding SafeNet shares will be converted into the
right to receive $28.75 in cash. Following the merger, SafeNet will
become a wholly owned subsidiary of an affiliate of Vector Capital.
About Vector Capital Vector Capital is a leading private equity
firm specializing in buyouts, spinouts and recapitalizations of
established technology businesses. Vector identifies and pursues
these complex investments in both the private and public markets.
Vector actively partners with management teams to devise and
execute new financial and business strategies that materially
improve the competitive standing of these businesses and enhance
their value for employees, customers and shareholders. Among
Vector�s notable investments are Savi Technology, LANDesk Software,
Corel Corporation (Nasdaq: CREL), Register.com, and Watchguard
Technologies. For more information, visit www.vectorcapital.com.
About SafeNet, Inc. SafeNet is a global leader in information
security. Founded more than 20 years ago, the company provides
complete security utilizing its encryption technologies to protect
communications, intellectual property and digital identities, and
offers a full spectrum of products including hardware, software,
and chips. UBS, Nokia, Fujitsu, Hitachi, Bank of America, Adobe,
Cisco Systems, Microsoft, Samsung, Texas Instruments, the U.S.
Departments of Defense and Homeland Security, the U.S. Internal
Revenue Service and scores of other customers entrust their
security needs to SafeNet. For more information, visit
www.safenet-inc.com. Forward Looking Statements. Statements made in
this release which are not historical facts contain
�forward-looking� statements (as defined in the Private Securities
Litigation Reform Act of 1995) that involve risks and uncertainties
and are subject to change at any time. These forward-looking
statements may include, but are not limited to, statements
containing words such as �anticipate,� �contemplate,� �believe,�
�plan,� �estimate,� �expect,� �intend,� �may,� �target,� �look
forward to� and similar expressions. The forward-looking statements
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond our control. We caution investors
that any forward-looking statements made by us are not guarantees
of future performance or events. We disclaim any obligation to
update any such factors or to announce publicly the results of any
revisions to any of the forward-looking statements to reflect
future events or developments, except to the extent required by
law. This document is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell any
securities. The solicitation and the offer to buy shares of
SafeNet's common stock will only be made pursuant to an offer to
purchase and related materials that Stealth Acquisition Corp. has
filed with the Securities and Exchange Commission. SafeNet
stockholders should read these materials carefully prior to making
any decisions with respect to the offer because they contain
important information, including the terms and conditions of the
offer. SafeNet stockholders may obtain the offer to purchase and
related materials with respect to the offer free of charge at the
SEC's website at www.sec.gov, from the information agent named in
the tender offer materials or from Stealth Acquisition Corp.
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