Symantec (SYMC) to Acquire VeriSign Japan KK for $556/Share

May 25, 2012 6:54 AM EDT
Symantec Corp. (Nasdaq: SYMC) intends to commence a tender offer to purchase all of the outstanding shares of common stock and stock rights of publicly traded VeriSign Japan KK that it does not already own through a wholly owned subsidiary of Symantec, GK Symantec Investments. The tender offer is expected to be launched on May 28, 2012 and to close on July 6, 2012, unless it is extended. Upon the successful closing of the tender offer, stockholders of VeriSign Japan KK will receive 44,000 (approximately US$556.00) for each share of VeriSign Japan KK common stock tendered in the offer. The tender offer has been recommended by a special panel appointed by the board of directors of VeriSign Japan KK.

The Tender Offer will be conducted as part of a series of transactions that are intended to result in VeriSign Japan KK becoming a wholly-owned subsidiary of Symantec. Symantec is currently the majority shareholder of VeriSign Japan KK with approximately 54 percent ownership, obtained through the acquisition of VeriSign's Authentication and Identity Businesses in August 2010.

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