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Google makes cash bid for Global IP Solutions |
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Google Inc. has said that it has entered into an agreement with Global IP Solutions (GIPS) Holding AB to make a recommended voluntary public cash offer to acquire all issues and to be issued stock of GIPS at $2.12 cash per share, valuing the company at around $68.2 million. The offer is to be made through Google Acquisition Holdings Inc., a wholly owned subsidiary of Google. San Francisco headquartered Global IP Solutions provides voice and video processing in IP communications, allowing customer to deliver quality with a faster time to market and less risk than alternative solutions. The company serves application developers, service providers, and network equipment vendors including famous names such as Nortel, Oracle, Samsung, WebEx, Yahoo!, AOL and other key players in the VoIP market. The company has offices in Stockholm, Boston and Hong Kong.  Rian Liebenberg, Engineering Director at Google, in a statement, said that the web is fast evolving as a development platform, with real-time video and audio communication online becoming “important new tools for users.” He said that GIPS technology provides high quality, real-time audio and video over an IP network, and consequently Google was looking forward to working with the GIPS team “at Google to continue innovating for the Web platform.”Google said that the offer price represents a premium of 142.1% over the closing share price of GIPS stock (adjusted for the rights issue in GIPS completed in March 2010) on January 11, 2010, the last trading day prior to GIPS making a public announcement of strategic interest from a potential buyer, a premium of 170.8% over the subscription price per share of GIPS stock in the last rights offering completed in March 2010 and a premium of 27.5% compared to the closing share price on 14 May, 2010, the last trading day prior to the Google's public announcement of its intention to make the offer. It said the offer price marks a premium of 54.6% compared to the adjusted volume weighted average market price for the last three month period prior to the announcement of the transaction. Though the transaction is subject to customary closing conditions, Google said that presently it does not anticipate the need for an approval from competition authorities in any jurisdiction. It said that the offer would be funded from Google's existing cash resources. Once the offer is successfully complete, GIPS would be asked to apply for delisting its stock from the Oslo Stock Exchange. Google will provide a detailed offer document to all GIPS shareholders “on or about 20 May, 2010” after the same is reviewed by the Oslo Stock Exchange. |
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