Websense Acquisition of SurfControl Receives Clearance from U.K. Office of Fair Trading
Websense, Inc. today announced that the U.K. Office of Fair Trading (OFT) has decided not to refer the proposed acquisition of SurfControl PLC to the Competition Commission, thereby granting merger control clearance. The pre-conditions to the acquisition now have been met, and the companies expect to make the Scheme Document available to SurfControl shareholders shortly.
"The satisfaction of the pre-conditions to the offer represents a significant milestone in the acquisition process," stated Gene Hodges, CEO, Websense. "We now are confident we will be able to complete the transaction within a four month window, with anticipated closing in October of this year."
The transaction will not proceed if the Conditions (set out in full in Part C of Appendix I to the Rule 2.5 Announcement, available on the Web at http://www.websense.com/acquisition) have not been satisfied or, where permitted, waived by July 26, 2008, or such later date (if any) as SurfControl, Websense and Websense SC Operations Limited may, with the consent of the U.K. Takeover Panel, agree. These conditions include, but are not limited to, approval of the Scheme by a majority of holders of SurfControl shares, representing not less than three-quarters of shares outstanding.
Reproduced from an article published by CNNMoney.com
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