Ericsson has completed the acquisition of Envivio. The transaction was completed through a merger of its indirect wholly-owned subsidiary, Cindy Acquisition Corporation, with and into Envivio, Inc. Envivio, Inc. survives the merger as a wholly-owned subsidiary of Ericsson. The merger follows the successful completion of the tender offer by Ericsson for all shares in Envivio for the […]
Ericsson has completed the acquisition of Envivio. The transaction was completed through a merger of its indirect wholly-owned subsidiary, Cindy Acquisition Corporation, with and into Envivio, Inc. Envivio, Inc. survives the merger as a wholly-owned subsidiary of Ericsson.
The merger follows the successful completion of the tender offer by Ericsson for all shares in Envivio for the price of USD 4.10 per share. As of expiration of the tender offer, 26,385,322 shares (including 58,467 shares pursuant to guaranteed delivery procedures) were validly tendered and not withdrawn in the tender offer, representing in excess of 93% of Envivio’s issued and outstanding shares. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.
As a result of the merger, any Envivio shares not tendered in the tender offer have been converted into the right to receive USD 4.10 per share. In addition, options to purchase Envivio shares have been converted into the right to receive a cash payment equal to their net exercise value, based on the USD 4.10 per share merger consideration.
Notwithstanding the completion of the merger, Ericsson will pay for shares tendered via guaranteed delivery procedures promptly after delivery of those shares.
