Zi Corporation (ZICA) Board Recommends Shareholders Reject Nuance (NUAN) Offer
Zi Corporation (NASDAQ: ZICA) announced that the Board of Directors has confirmed its recommendation that its shareholders reject the offer by Nuance Communications, Inc. (Nasdaq: NUAN) to purchase all of the common shares of Zi for US$0.40. The Offer expires on January 2, 2009. To reject the Offer, Shareholders do not need to do anything. If Shareholders have already tendered their Zi Shares, they can withdraw them.
On November 26, 2008, Nuance made a conditional offer to the holders of Zi Shares for US$0.40 per Zi Share in cash. In response to the Offer, Zi's Board established a Special Committee of its independent directors. The Special Committee carefully reviewed and considered the Offer and reported to Zi's Board. Based on that review, and after receiving the benefit of advice from its legal and financial advisors, Zi's Board recommended on December 11, 2008 that Shareholders reject the Offer and that Shareholders not tender their Zi Shares at that time. Since making its recommendation, the Special Committee has reviewed the Offer and the status of potential opportunities that may result in an enhanced Offer.
Zi Corporation (Zi) develops software designed to enhance the usability of mobile and consumer electronic devices.[SM]
On November 26, 2008, Nuance made a conditional offer to the holders of Zi Shares for US$0.40 per Zi Share in cash. In response to the Offer, Zi's Board established a Special Committee of its independent directors. The Special Committee carefully reviewed and considered the Offer and reported to Zi's Board. Based on that review, and after receiving the benefit of advice from its legal and financial advisors, Zi's Board recommended on December 11, 2008 that Shareholders reject the Offer and that Shareholders not tender their Zi Shares at that time. Since making its recommendation, the Special Committee has reviewed the Offer and the status of potential opportunities that may result in an enhanced Offer.
Zi Corporation (Zi) develops software designed to enhance the usability of mobile and consumer electronic devices.[SM]
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