Barracuda Networks to Submit Public Tender to Acquire Phion
(Thomson Reuters ONE) - CAMPBELL, CA--(Marketwire - July 16, 2009) - Barracuda Networks Inc.,a stock corporation organized under the laws of the State of Delawarehaving its principal place of management at 3175 Winchester Blvd,Campbell, California 95008, United States of America ("BarracudaNetworks"), herewith announces its intention to submit a voluntarypublic tender offer with the intention to achieve control(freiwilliges Angebot zur Kontrollerlangung pursuant to § 25a of theAustria Takeover Act) with regard to all issued shares of phion AG, astock corporation (Aktiengesellschaft) organized under the laws ofthe Republic of Austria having its corporate seat in Innsbruck andthe registered address at A-6020 Innsbruck, Eduard-Bodem-Gasse 1,registered in the companies register of the Regional Court ofInnsbruck under FN 184392s ("phion" or the "Target").The offer price per share in phion will be EUR 12.Under a conditional share purchase and transfer agreement made by andbetween Mr. Wieland Alge, Mr. Klaus Maximilian Gheri and Mr. PeterMarte (the "Sellers") as sellers on the one hand and BarracudaNetworks as purchaser on the other hand on 14 July 2009 (the "SPA")the Sellers agreed to sell all of their shares in phion at the priceof EUR 12 per share to Barracuda Networks as follows:(i) Mr. Wieland Alge 47.936 shares, corresponding to approximately5,99 % of the share capital and the voting stock of the Target;(ii) Mr. Klaus Gheri 48.653 shares, corresponding to approximately6,07 % of the share capital and the voting stock of the Target; and(iii) Mr. Peter Marte 80.992 shares, corresponding to approximately10,12 % of the share capital and the voting stock of the Target;in total corresponding to approximately 22,18 % of the share capitaland of the voting stock of the Target. The SPA is, inter alia,subject to the condition precedent that the public tender offer willbe completed successfully.The public tender offer will, inter alia, be subject to the conditionprecedent that at the end of the (extended) offer period, BarracudaNetworks and any person(s) acting in concert with Barracuda Networksdispose of at least 75 percent plus one share of the Target's issuedvoting stock (including the shares purchased by Barracuda Networksfrom the Sellers).The public tender offer is a friendly one and is in principlewelcomed by the management of the Target.Barracuda Networks will explain in its offer document its strategicrationale for the acquisition and its plans with respect to theTarget as well as the opportunities which the offer may afford to theshareholders, executives, employees and business partners of theTarget.Barracuda Networks intends to submit the tender offer document to theAustrian Takeover Commission within the statutory timeline of tenstock exchange days.The parties have also entered into an OEM arrangement, under whichBarracuda Networks will have exclusive rights to distribute the phionproducts for up to three years, under the Barracuda Networks brand,in North America, Japan, China, Brazil and Mexico. The OEM agreementis independent of and not conditional upon successful completion ofthe PTO.About Barracuda Networks Inc.Barracuda Networks Inc. built its reputation as the worldwide leaderin content security appliances by offering easy to use and affordableproducts that protect organizations from email, Web and IM threats.Barracuda Networks has leveraged its success in the security marketto offer networking products that improve application delivery andnetwork access as well as world-class solutions for messagearchiving, backup and data protection. More than 85,000 organizationsprotect their networks with Barracuda Networks' solutions. BarracudaNetworks' success is due to its ability to deliver easy to use,comprehensive solutions that solve the most serious issues facingcustomer networks without unnecessary add-ons, maintenance, lengthyinstallations or per user license fees. Barracuda Networks isprivately held with its headquarters in Campbell, California. Formore information, please visit www.barracudanetworks.com.Media Contact:Kylie HeintzBarracuda Networks Inc.Tel: 1-408-342-5440Mobile: 1-408-505-1078kheintz(at)barracuda.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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