Enterasys (NYSE:ETS)
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From Jun 2019 to Jun 2024
Enterasys Networks, Inc. (NYSE: ETS), the Secure
Networks Company(TM), today announced the completion of the
acquisition of the Company by a group of private investors led by The
Gores Group, LLC and Tennenbaum Capital Partners, LLC. Under the terms
of the merger agreement, which was approved by Enterasys shareholders
on February 16, each outstanding share of Enterasys common stock was
converted into the right to receive $13.92 in cash. Enterasys common
stock will no longer be publicly traded following the close of trading
today.
The Company has appointed Computershare Trust Company as its
paying agent. Within approximately five days, the paying agent will
distribute letters of transmittal and instructions to shareholders of
record, which will tell them how to surrender their stock in exchange
for the merger consideration. Shareholders should expect payment for
their shares within approximately 10 business days after the paying
agent receives properly completed letters of transmittal and required
accompanying documentation. Questions and correspondence related to
the transaction should be directed to Computershare at 1-800-254-5196
(U.S. shareholders) or 1-781-575-3839 (brokers and shareholders
outside of the U.S.).
About Enterasys Networks
Enterasys Networks--the Secure Networks Company(TM)--provides
enterprises with the most integrated, up-to-date portfolio of
security-enabled network infrastructure products, centralized command
and control software, and advanced security applications available
today. Information about the company's award-winning line of
policy-enabled switches, routers, wireless products, security
software, and services is available at www.enterasys.com. (ETS-F)
This news release contains forward-looking statements regarding
future events, activities and financial performance, such as
management's expectations regarding future revenue and cash flow;
strategic relationships and market opportunities; product development;
and other business strategies and objectives. These statements may be
identified with such words as "we expect," "we believe," "we
anticipate," or similar indications of future expectations. These
statements are neither promises nor guarantees, and actual future
financial performance, events and activities may differ materially.
Readers are cautioned not to place undue reliance on these statements,
which speak only as of the date hereof. We expressly disclaim any
obligation to update such statements publicly to reflect changes in
the expectations, assumptions, events or circumstances on which such
statements may be based or that may affect the likelihood that actual
results will differ materially.
Some risks and uncertainties that may cause actual results to
differ materially from these forward-looking statements include, but
are not limited to: risks associated with the proposed merger;
worldwide and regional economic uncertainty and recent political and
social turmoil may continue to negatively affect our business and
revenue; we have a history of losses in recent years and may not
operate profitably in the future; our quarterly operating results may
fluctuate, which could cause us to fail to meet quarterly operating
targets and result in a decline in our stock price; we earn a
substantial portion of our revenue for each quarter in the last month
of each quarter, which reduces our ability to accurately forecast our
quarterly results and increases the risk that we will be unable to
achieve previously forecasted results; we continue to introduce new
products, and if our customers delay product purchases or choose
alternative solutions, or if sales of new products are not sufficient
to offset declines in sales of older products, our revenue could
decline, we may incur excess and obsolete inventory charges, and our
financial condition could be harmed; we may be unable to upgrade our
indirect distribution channels or otherwise enhance our selling
capabilities, which may hinder our ability to grow our customer base
and increase our revenue; we have experienced significant changes in
senior management and our current management team has been together
for only a limited time, which could limit our ability to achieve our
objectives and effectively operate our business; there is intense
competition in the market for enterprise network equipment, which
could prevent us from increasing our revenue and achieving
profitability; a portion of the enterprises we sell to rely in whole
or in part on public funding and often face significant budgetary
pressure, and if these customers must delay, reduce or forego
purchasing from us, our revenues could be harmed; we depend upon a
limited number of contract manufacturers for substantially all of our
manufacturing requirements, and the loss of any of our primary
contract manufacturers would impair our ability to meet the demands of
our customers; and those additional risks and uncertainties discussed
in our most recent filings with the Securities and Exchange
Commission, including our quarterly report on Form 10-Q for the fiscal
quarter ended October 1, 2005.