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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

(19) Subsequent Events

On February 13, 2018, the Company entered into a Transaction Agreement, or the Transaction Agreement, with Unified Messaging Systems ASA, or UMS, pursuant to which the Company agreed to make an offer to purchase all of the outstanding shares of UMS, or the Acquisition. Pursuant to the Transaction Agreement, and subject to the terms and conditions set forth therein and upon approval of an offer document by the Oslo Børs ASA, Holdings has agreed to commence a tender offer, or the Offer, to purchase all of the issued and outstanding shares of capital stock of UMS, or the Shares, at a price of 1.37 Norwegian kroner per share, or the Offer Price. As of the date hereof, there are 195,723,625 Shares issued and outstanding. Based on the Offer Price, the aggregate price for the Shares would be approximately 268 million Norwegian kroner.

The closing of the tender offer for UMS shares is subject to satisfaction or waiver of customary closing conditions, including a minimum acceptance of at least 90% on a fully diluted basis or such lower percentage (not being less than 50%) of the UMS shares as we and Holdings determine, and no material adverse change having occurred in UMS. The offer is not subject to any financing condition or any regulatory approvals. Holdings will finance the transaction with existing cash balances. The offer document includes the recommendation of the offer by the Board of Directors of UMS. The Board of Directors of UMS has the right to amend or withdraw its recommendation of the offer in the event a superior competing offer is made that is not matched by Holdings within four days of being provided with notice thereof. Any such amendment or withdrawal will permit Holdings to withdraw from the offer.

UMS has agreed to pay Holdings a break-fee of 12.5 million Norwegian kroner in the event that the recommendation of the offer issued by the Board of Directors of UMS is withdrawn or amended, or the offer lapses following the announcement of a competing offer that results in the acquisition of UMS. Holdings intends to make a compulsory acquisition of the remaining shares in UMS upon acquiring not less than 90% of the shares in UMS under the offer. Further, upon such acquisition, Holdings intends to propose to the general meeting of UMS that an application be filed with the Oslo Stock Exchange to de-list the shares of UMS.