Nuance (NUAN) Raises Offer, Zi Corp (ZICA) Accepts
Up)
Nuance Communications, Inc. (NASDAQ: NUAN), and Zi Corporation (NASDAQ: ZICA) announced an agreement under which Nuance will acquire Zi for US$0.69 per share in a cash and stock transaction.
Under the terms of the agreement, consideration for the transaction is approximately US$35 million, comprising approximately US$17 million in cash and US$18 million in Nuance common stock. Zi shareholders will receive US$0.34 in cash and, based on Nuance’s ten day volume weighted average trading price on the date hereof, approximately .04 shares of Nuance common stock for each share of Zi common stock that they own.
In addition, Nuance announced that it intends to terminate its previously announced tender offer for all the outstanding common shares of Zi. Nuance’s offer was scheduled to expire at 5:00 p.m. (Calgary Time) on March 10, 2009. Nuance is not accepting for payment any shares that have been tendered, and such shares will be returned promptly to the holders who have tendered such shares.
NOTE - ZICA originally rejected NUAN's offer of $0.40 per share.
Nuance Communications, Inc. (Nuance) is a provider of speech-based solutions for businesses and consumers worldwide. [SM]
Under the terms of the agreement, consideration for the transaction is approximately US$35 million, comprising approximately US$17 million in cash and US$18 million in Nuance common stock. Zi shareholders will receive US$0.34 in cash and, based on Nuance’s ten day volume weighted average trading price on the date hereof, approximately .04 shares of Nuance common stock for each share of Zi common stock that they own.
In addition, Nuance announced that it intends to terminate its previously announced tender offer for all the outstanding common shares of Zi. Nuance’s offer was scheduled to expire at 5:00 p.m. (Calgary Time) on March 10, 2009. Nuance is not accepting for payment any shares that have been tendered, and such shares will be returned promptly to the holders who have tendered such shares.
NOTE - ZICA originally rejected NUAN's offer of $0.40 per share.
Nuance Communications, Inc. (Nuance) is a provider of speech-based solutions for businesses and consumers worldwide. [SM]
You May Also Be Interested In
- UPDATE: SAP's (SAP) America Unit to Buy Ariba (ARBA) for $45/Share
- Amylin (AMLN) Shares Jump as Bids Due Today, Sanofi (SNY), Merck (MRK) Said to Make First-Round Bids
- Barclays Maintains an 'Overweight' on CVS Caremark (CVS); Positive on Shares After Mee ing
Create E-mail Alert Related Categories
Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
