Pitney Bowes Completes Acquisition of Borderfree
June 10 2015 - 8:45AM
Business Wire
Tender Offer for Outstanding Shares
Successfully Closed at $14 per share
Pitney Bowes Inc. (NYSE:PBI), a global technology company that
provides innovative product and solutions to power commerce, today
announced the completion of its acquisition of Borderfree, Inc.
(NASDAQ:BRDR). Following the completion of the successful tender
offer to purchase all outstanding shares of Borderfree for $14.00
per share in cash, without interest and subject to any required
withholding of taxes, Pitney Bowes acquired all remaining
Borderfree shares through a merger without a vote or meeting of
Borderfree’s stockholders pursuant to Section 251(h) of the General
Corporation Law of the State of Delaware.
The tender offer expired at 12:00 midnight, New York City time,
on June 9, 2015. Computershare Trust Company, N.A., the depositary
for the tender offer, advised that as of the expiration of the
tender offer, 30,775,882 Borderfree shares had been validly
tendered and not properly withdrawn, representing approximately 95
percent of Borderfree’s outstanding shares of common stock. The
conditions to the tender offer were satisfied, and Pitney Bowes
accepted for payment and paid the depositary for all validly
tendered shares.
At the effective time of the merger and subject to any perfected
appraisal rights, all remaining shares of Borderfree common stock
not tendered into the tender offer were converted into the right to
receive $14.00 in cash, without interest and subject to any
required withholding of taxes, which is the same amount as paid in
the tender offer. As a result of the completion of the merger,
Borderfree has become a subsidiary of Pitney Bowes. Borderfree’s
common stock will no longer be listed on the NASDAQ Stock
Market.
Borderfree generated $125 million in revenue in 2014. The
Company will provide more detail about the impacts of this
transaction during its scheduled discussion of second quarter
results at 8:00 am EDT on July 30th. Instructions for listening to
the Pitney Bowes earnings results via the Web are available on the
Investor Relations page of its web site at www.pitneybowes.com.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company offering
innovative products and solutions that enable commerce in the areas
of customer information management, location intelligence, customer
engagement, shipping and mailing, and global ecommerce. More than
1.5 million clients in approximately 100 countries around the world
rely on products, solutions and services from Pitney Bowes. For
additional information, visit Pitney Bowes at
www.pitneybowes.com.
Forward-Looking Statements This communication contains
statements that are forward-looking. We want to caution readers
that any forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 may change based on various factors. These
forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties and actual
results could differ materially. Words such as “estimate”,
“target”, “project”, “plan”, “believe”, “expect”, “anticipate”,
“intend” and similar expressions may identify such forward-looking
statements. Such forward-looking statements include the anticipated
changes in the business environment in which Pitney Bowes operates
and in Pitney Bowes’ future operating results relating to the
potential benefits of a transaction with Borderfree.
Forward-looking statements in this document should be evaluated
together with the many uncertainties that affect the businesses of
Pitney Bowes and Borderfree, in their respective 2014 Annual
Reports on Form 10-K and in their other reports with the SEC. The
reader is cautioned not to rely unduly on these forward-looking
statements. Pitney Bowes expressly disclaims any intent or
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150610005658/en/
Pitney Bowes Inc.EditorialBill Hughes, 203/351-6785Chief
Communications OfficerorFinancialCharles F. McBride,
203/351-6349VP, Investor Relations
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Apr 2023 to Apr 2024