Emulex to mop up remaining Endace shares after crossing threshold

Emulex Corp, the US computer network provider, will mop up the remaining shares in New Zealand-based, London AIM exchange-listed Endace after crossing the threshold to enforce compulsory acquisition in its fourth extension to the offer.

The New York Stock Exchange-listed Emulex has received 99.9 percent of acceptances as at March 28 for some 76 million British pounds, or US$119.8 million, and has already paid 4.6 million pounds, or US$7.2 million for employee stock options, it said in a statement.

That means it has crossed the 90 percent level needed to enforce compulsory acquisition under New Zealand’s Takeovers Code. The remaining 0.1 percent of Endace will cost 102,400 pounds, or US$161,397, Emulex said.

After two extensions, the US company declared the 80.7 million pound offer unconditional in February as slow acceptances initially left it short of meeting provisions to take full ownership. It extended its bid twice more to hit the full takeover target.

The takeover will see Endace de-list from the AIM exchange, where it’s struggled to gain investor attention for its innovations in network visibility.

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