Symantec Announces Tender Offer for VeriSign Japan KK
MOUNTAIN VIEW, Calif. – May 25, 2012 – Symantec Corp. (Nasdaq: SYMC) today announced it intends to commence a tender offer to purchase all of the outstanding shares of common stock and stock rights of publicly traded VeriSign Japan KK (TSE: 3722) that it does not already own through a wholly owned subsidiary of Symantec, GK Symantec Investments. The tender offer is expected to be launched on May 28, 2012 and to close on July 6, 2012, unless it is extended. Upon the successful closing of the tender offer, stockholders of VeriSign Japan KK will receive ¥44,000 (approximately US$556.00) for each share of VeriSign Japan KK common stock tendered in the offer. The tender offer has been recommended by a special panel appointed by the board of directors of Verisign Japan KK.
The Tender Offer will be conducted as part of a series of transactions that are intended to result in VeriSign Japan KK becoming a wholly-owned subsidiary of Symantec. Symantec is currently the majority shareholder of VeriSign Japan KK with approximately 54 percent ownership, obtained through the acquisition of VeriSign's Authentication and Identity Businesses in August 2010.
"Symantec and VeriSign Japan have a common goal of establishing a much closer relationship between the two companies that a partnership alone could not achieve. We believe this will ultimately benefit customers, partners and shareholders by driving growth for User Authentication solutions in Japan and expanding SSL authentication services to offer companies comprehensive Website Security Solutions," said Enrique Salem, president and chief executive officer, Symantec. "By combining Symantec and VeriSign Japan, we continue to extend our strategy to create the most trusted brand for protecting people and information."
VeriSign Japan KK's primary focus is to host, sell and support Symantec Identity and Authentication products and services. Due to the complementary nature of VeriSign Japan KK to Symantec's global business, the combination of the two companies is expected to have a positive impact on employees, customers and partners through increased investment and the ability to leverage business practices that have proven to be successful for Symantec in other parts of the world.
On May 28th, 2012, Symantec will file a tender offer statement with the Kanto Regional Financial Bureau. VeriSign Japan KK filed an opinion statement that includes the recommendation of VeriSign Japan KK's board of directors that shareholders accept the tender offer and tender their shares. Additional information on the tender offer can be found at http://go.symantec.com/verisign-japan.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES.
Symantec is a global leader in providing security, storage and systems management solutions to help consumers and organizations secure and manage their information-driven world. Our software and services protect against more risks at more points, more completely and efficiently, enabling confidence wherever information is used or stored. More information is available at www.symantec.com.
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Forward-looking Statements: This press release contains statements regarding our financial and business results, which may be considered forward-looking within the meaning of the U.S. federal securities laws, including statements with respect to the anticipated closing of the tender offer referenced herein and the intended goals of the tender offer. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include those related to: general economic conditions; maintaining customer and partner relationships; the anticipated growth of certain market segments, particularly with regard to security and storage; the competitive environment in the software industry; changes to operating systems and product strategy by vendors of operating systems; fluctuations in currency exchange rates; the timing and market acceptance of new product releases and upgrades; the successful development of new products and integration of acquired businesses, and the degree to which these products and businesses gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. We assume no obligation, and do not intend, to update these forward-looking statements as a result of future events or developments. Additional information concerning these and other risks factors is contained in the Risk Factors sections of our Form 10-K for the year ended March 30, 2012.