LOD, Israel, July 20, 2016 /PRNewswire/ --
AudioCodes (NASDAQ: AUDC), a leading provider of voice
networking solutions that enable enterprises and service providers
to transition to all-IP voice networks, today announced the final
results of its self-tender offer to purchase up to 3,000,000 of its
ordinary shares, nominal (par) value NIS
0.01 per share, which expired at 10:00 a.m., New
York time, or 5:00 p.m.
Israel time, on Wednesday, July 20, 2016.
In accordance with the terms and conditions of the offer,
AudioCodes has accepted for purchase a total of 3,000,000 of its
ordinary shares, at a cash purchase price of $4.35, net to the seller in cash, less any
applicable withholding taxes, without interest. Payment for the
shares accepted for purchase under the offer will be made promptly,
at a total cost to the company of $13,050,000, excluding fees and expenses related
to the offer.
Based on the final count by the Israeli and U.S. Depositaries
for the offer, an aggregate of 5,254,186 shares were properly
tendered and not properly withdrawn.
Because more than 3,000,000 shares were properly tendered, the
offer was oversubscribed by 2,254,186 shares. Therefore,
pursuant to the terms of the offer, shares have been accepted for
purchase on a pro rata basis. The final proration factor for
the offer is approximately 57.1%. AudioCodes will promptly
return to tendering shareholders any shares tendered and not
accepted for purchase due to the oversubscription of the offer.
Subject to applicable securities laws, AudioCodes may purchase
additional shares in the future in the open market subject to
market conditions and in private transactions, tender offers or
otherwise. Whether the company makes additional repurchases
in the future will depend on many factors, including the number of
shares purchased in this self tender offer, applicable repurchase
limitations under Israeli law, its business and financial
performance and situation, the business and market conditions at
the time, including the price of the shares, and other factors the
company considers relevant.
This press release is for information purposes only and
nothing in this press release shall be considered a solicitation to
buy or an offer to sell a security to any person in any
jurisdiction where such offer, solicitation, purchase or sale would
be unlawful under the securities laws of such jurisdiction.
AudioCodes retained Alliance Advisors LLC as the Information
Agent for the offer. All questions regarding this self-tender
offer should be directed to the Information Agent at, in the U.S.
and Canada: +1-855-325-6673
(Toll-Free), or for international callers, +1-973-873-7780
(Collect).
Follow AudioCodes' social media
channels:
AudioCodes invites you to join our online community and follow
us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and
YouTube.
To download AudioCodes' investor relations app, which offers
access to its SEC filings, press releases, videos, audiocasts and
more, please visit Apple's App Store for the iPhone and iPad or
Google Play for Android mobile devices.
About AudioCodes
AudioCodes Ltd. (NASDAQ, TASE: AUDC) designs, develops and sells
advanced Voice-over-IP (VoIP) and converged VoIP and Data
networking products and applications to Service Providers and
Enterprises. AudioCodes is a VoIP technology market leader, focused
on converged VoIP and data communications, and its products are
deployed globally in Broadband, Mobile, Enterprise networks and
Cable. The Company provides a range of innovative, cost-effective
products including Media Gateways, Multi-Service Business Routers,
Session Border Controllers (SBC), Residential Gateways, IP Phones,
Media Servers, Value Added Applications and Professional Services.
AudioCodes' underlying technology, VoIPerfectHD™, relies on
AudioCodes' leadership in DSP, voice coding and voice processing
technologies. AudioCodes' High Definition (HD) VoIP technologies
and products provide enhanced intelligibility and a better end user
communication experience in Voice communications. For more
information on AudioCodes, visit http://www.audiocodes.com.
Statements concerning AudioCodes' business outlook or future
economic performance; product introductions and plans and
objectives related thereto; and statements concerning assumptions
made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements'' as
that term is defined under U.S. Federal securities laws.
Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
the effect of global economic conditions in general and conditions
in AudioCodes' industry and target markets in particular; shifts in
supply and demand; market acceptance of new products and the demand
for existing products; the impact of competitive products and
pricing on AudioCodes' and its customers' products and markets;
timely product and technology development, upgrades and the ability
to manage changes in market conditions as needed; possible need for
additional financing; the ability to satisfy covenants in the
Company's loan agreements; possible disruptions from acquisitions;
the ability of AudioCodes to successfully integrate the products
and operations of acquired companies into AudioCodes' business; and
other factors detailed in AudioCodes' filings with the U.S.
Securities and Exchange Commission. AudioCodes assumes no
obligation to update the information in this release.
©2016 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, VMAS, VoIPerfect, VoIPerfectHD, Your
Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice and CloudBond
are trademarks or registered trademarks of AudioCodes Limited. All
other products or trademarks are property of their respective
owners. Product specifications are subject to change without
notice.
Company Contact
Shirley Nakar - Orgad
Director, Investor Relations
AudioCodes
Tel: +972-3-976-4000
shirley@audiocodes.com
Information Agent:
Alliance Advisors LLC
200 Broadacres Drive, 3rd Fl.
Bloomfield, NJ 07003
U.S. and Canada: +1-855-325-6673
International: +1-973-873-7780
IR Agency Contact
Philip Carlson/Collin Dennis
KCSA Strategic Communications
Tel: +1-212-896-1233
audc@kcsa.com
SOURCE AudioCodes