A total of 43,005,846 shares of Absolute have been tendered to HarbourVest Acquisition GmbH under the public tender offer published on 7 June, 2011 for all publicly held bearer shares of Absolute, with a nominal value of CHF 10 each (each, an “Absolute Share”).
The tenders amount to 98.68% of all Absolute Shares and voting rights issued and outstanding as of the date of this release.
John Toomey (pictured), Managing Director of HarbourVest, says: “We are delighted by this result and believe the high take-up by Absolute shareholders shows the fair value of our offer. The high level of acceptances will allow us to follow through on our stated intention to take Absolute private.”
Given the current tender level, HarbourVest plans to delist Absolute and operate it as a privately-held entity.
Following settlement of the HarbourVest Offer, HarbourVest Acquisition intends to have the Absolute Board be composed of three members, one of whom shall be Thomas Amstutz and two of whom, including the chairman of the Absolute Board, shall be designated by the group of entities ultimately managed and controlled by HarbourVest. John Toomey and Fred Maynard, both of HarbourVest, have been proposed as board members for election at Absolute’s extraordinary general meeting on September 22, 2011.
The settlement of the HarbourVest Offer is expected to take place on 13 September, 2011. HarbourVest has been advised by Bank Vontobel AG, Debevoise & Plimpton LLP and Pestalozzi Attorneys at Law Ltd.
