The Acquisition Of Global Will Be Finished Through A Money Tender Offer For All Outstanding Shares Of Global's Common Stock That's Anticipated To Commence Directly.
NEW YORK, Aug 03, 2011 -- World Traffic Network, Incorporated. GNET +19.71%, a big supplier of custom traffic and news reports to radio and TV stations outside the U. S. , confirmed today that it has entered into a conclusive amalgamation agreement to be acquired by an affiliate of GTCR, LLC ("GTCR"), a leading non-public equity firm.
Under the terms and conditions of the agreement, World stockholders will receive $14.00 in notes for each share of Global's common stock, which represents roughly a 20.0% premium over the final price on Tuesday, Aug 2, 2011 and a 22.7% premium based mostly on the 60-day volume weighted average price of $11.41.
The purchase of Global will be completed thru a money tender offer for all outstanding shares of Global's common stock that's expected to commence directly. The tender offer will be subject to normal conditions, including that there be validly tendered in the tender offer and not withdrawn a number of shares which represents at least a majority of the stock of common stock then issued and exceptional, excluding from such calculation shares held by Global's executive officers. The transaction isn't subject to any financing condition.
The tender offer will be followed by a coalition in which each share of common stock not acquired in the tender offer will be converted into a right to receive $14.00 per share in cash, without interest. On completion of the transaction, Global will change into a non-public company, controlled by an affiliate of GTCR. The transaction is anticipated to be completed by Q4 of 2011.
Worldwide has got the right under the merger agreement to seek competing bids during a period expiring on Sep 13, 2011. Subject to certain requirements of the alliance agreement, World may barter with parties that submit qualifying competing proposals during the initial solicitation period for a period expiring on Oct 1st, 2011.
The tender offer is required to remain till the completion of the solicitation period, and if relevant the subsequent negotiation period. Global's Board of Directors has, based totally on the unanimous recommendation of a Special Committee made up solely of independent directors, authorised the fusion agreement and the transactions considered thereby.
Mr. Yde claimed : "We assume the sale price of $14.00 per share represents motivating value for our backers. This price is both a major premium over the current trading price and represents an all-time high for the stock. The purchase price also represents a virtually 200% increase from our primary public offering of $5.00 in March 2006."
Moelis & Company and Milbank, Tweed, Hadley & McCloy LLP are serving as finance and legal adviser to the Special Committee of the Board of Directors of the Company [**]. Latham & Watkins LLP is serving as legal confidant to GTCR.
Teleconference
Global Traffic Network, Incorporated. Will host a conference call at 10:30 a.m. EST on Wed., Aug three, 2011, to chat about this transaction and other relevant matters. To listen to the call, dial (877) 303-9131 (domestic), or (408) 337-0141 (world), and enter the pass code 89193915.
Global is a premium supplier of custom traffic and news stories to radio and TV stations outside the U.S. The Company operates the biggest traffic and news network in Australia, operates traffic networks in 8 Canadian markets and the biggest national radio traffic network across Britain.
In exchange for providing custom traffic and news reports, TV and radio stations provide Global Traffic Network with commercial airtime inventory that the Company sells to advertisers. As a result, radio and TV stations incur no out-of-pocket costs when contracting to use Global Traffic Network's services. For more info, visit the Company's internet site at www.globaltrafficnetwork.com., writes tagza.com.
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Vintage 1970s Avon Child Shaggy Dog Comb Mint in Box Mid Century Hair Comb Retro |  |
6 Bids | US $2.80 | 15m |
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VINTAGE CHARISMA GLASS PERFUME PENDANT NIB MINT COND | |
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VINTAGE DUPONT LIDO 8 DRESS COMBS STORE DISPLAY 4 COLORS 12 COMBS NEVER USED | |
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VINTAGE MILLERS FORGE NO 712 CUTICLE NIPPERS NOS IN BOX | |
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VINTAGE NEW GILLETTE RAZOR IN BOX NO1328024 ELGIN BLADES PAACKAGE KING BOSTON | |
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Rare Cheerio Vintage Safety Razor Blade Collectable | |
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Berkeley Double Edge Safety Razor Blades NOS Box 18 Unused Blades | |
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110 Vintage Schick Plus Platinum Razor Blades 5 In each metal blade loader | |
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Vtg NewOldStock AVON Soap Sets | |
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Vintage Avon Jolly Santa Heres my Heart Cologne With Box | |
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LOT of Vintage New Old Stock AVON FIGURALS Soaps Perfumes Animals People | |
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BEAUTIFUL DELICATE GLASS PERFUME BOTTLE | |
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BEAUTIFUL GLASS PERFUME BOTTLE | |
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US $29.99 | 9h 24m |
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Vintage Gillette Double Edge Razor w Brass Case New Old Stock NOS | |
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Vintage 1958 Gillette Super Speed Safety Razor Double Edge TTO NOS THIN Blades | |
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Matched Pair of 7” Ornate Sterling Silver Antique Hat Pins Marked NH Stunning | |
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75” Antique Brass Hat Pin Stunning Probably Circa 1920s NOT A REPLICA | |
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4 Vintage Porcelain Glass or Crystal Hat Pins Prob Circa 1940s NOT REPLICAS | |
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VINTAGE GOLD TONE GEOMETRIC MIRROR POWDER COMPACT NEW OLD STOCK | |
2 Bids | US $5.24 | 9h 48m |
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Antique GILLETTE Safety Razor w Case Unused Blue Blades Shaving | |
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Primitive Burham Safety Razor 1909 NIB | |
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Vintage Comb Hair Tortoise Color Old Stock Embellishment Combs FRANCE Amber | |
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Vintage Avon School Days 1973 Child Barrette Mint in Box Mid Century Vanity Item | |
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Large Vintage New in Box Chanel No 5 Cologne 8 Fl Oz RARE | |
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US $124.99 | 10h 34m |
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50 PERSONNA 74 74 TUNGSTEN Razor Blades NOS | |
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Vintage Gillette Fat Boy Adjustable DE Safety Razor NOS Double Edge Thin Blades | |
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NOS Vintage Lanvin Argege A Mist 884 1 fl oz Sealed | |
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Vintage Gillette Blue Tip Super Speed DE Safety Razor TTO NOS Blades Orig Box | |
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Vintage 1946 47 Gold Gillette Aristocrat DE Safety Razor NOS Blades OriginalBox | |
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VINTAGE TANGEE LIPSTICK TUBE On Original Card NATURAL Old Store Stock w Contents | |
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Hatpin older Salmon color crystal bead | |
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2 pack of vintage Personna razor blades in dispensers | |
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Lot of 5 Vintage 1940s 70s Collectible Compacts Leather Metal Silk Celluloid | |
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MADE IN WEST GERMANY CRYSTAL MULTI COLORED PERFUME BOTTLE | |
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OLD STOCK NEVER USED 1940S RHINESTONE PAVE COMPACT W POWDER PUFF | 0 Bid | US $19.00 | 1d 8h 53m |
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NEW Old Stock IN BOX never used AVON WEEKEND AFTERSHAVE 4oz BOTTLE Moisturizers | |
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5 NOS Avon Cologne Big Spender Hawaiian Charisma Moonwind More | |
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Vintage unopened unused new old stock 18 Schick EVERSHARP Hydro Magic blades | |
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100 Israeli Red Pack Personna Double Edged Razor Blades New 2012 Red Personna | |
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US $18.99 | 4d 3h 15m |
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1945 Bouquet Talc Powder Box by Bombi Cardboard Tube Full Sealed Mint Rare New | |
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1948 NIB Entré Nous by Bombi Ribbon Shaped Crystal Perfume New in the Box Rare | |
0 Bid | US $.99 | 2d 3h 33m |
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