NEW YORK, June 23, 2015 /PRNewswire/ -- Verizon
Communications Inc. (NYSE, Nasdaq: VZ) and AOL Inc. (formerly NYSE:
AOL) today announced the successful completion of Verizon's tender
offer to purchase all outstanding shares of AOL for $50.00 per share in cash. The tender offer
expired at 11:59 p.m. (New York City time) on June 22, 2015.
Verizon subsequently completed the acquisition of the remaining
eligible AOL shares not acquired in the tender offer through a
merger pursuant to Section 251(h) of the General Corporate Law of
the State of Delaware. As a
result, AOL shares will no longer be traded on the NYSE, and AOL is
now a wholly owned subsidiary of Verizon.
As of the expiration of the tender offer, approximately
47,522,501 shares were validly tendered and not withdrawn in the
tender offer, representing 60.37 percent of AOL's outstanding
shares, according to the depositary for the tender offer. Notices
of Guaranteed Delivery were delivered with respect to 2,767,607
additional shares, representing approximately 3.52 percent of AOL's
shares, according to the depositary. Verizon has accepted for
payment and will promptly pay for all validly tendered (and not
withdrawn) shares.
All eligible AOL shares that were not validly tendered have been
converted into the right to receive $50.00 per share in cash, without interest and
less any applicable withholding taxes -- the same price paid in the
tender offer.
In an expanded role, AOL CEO Tim
Armstrong continues to lead AOL operations after the
closing, and Bob Toohey, president
of Verizon Digital Media Services, will report to Armstrong.
Verizon Digital Media Services uses world-class technology to help
companies prepare, deliver and display digital media content
including video, web pages, applications, mobile ads and live
events on any screen. Armstrong will report to Marni Walden, Verizon executive vice president
and president of Product Innovation and New Businesses.
Media Call – Tuesday, June 23,
2015, 10 a.m. Eastern
Time
Verizon and AOL will host a joint news media call with Armstrong
and Walden to discuss the transaction today at 10 a.m. Eastern Time. Parties in the United States and Canada may call toll-free 866-515-2907, and
other international parties may call 617-399-5121. Participants
should reference the "AOL Verizon Close" call and passcode 34709946
when dialing in. A replay will not be made available.
AOL is a media technology company with a mission to simplify the
internet for consumers and creators by unleashing the world's best
builders of culture and code. As one of the largest online
properties in the U.S., with approximately 200 million monthly
consumers of its premium brands, AOL is at the center of disruption
of how content is being produced, distributed, consumed and
monetized by connecting publishers with advertisers on its global,
programmatic content and advertising platforms. AOL's opportunity
lies in shaping the future of the digitally connected world for
decades to come.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York, is a global leader in
delivering broadband and other wireless and wireline communications
services to consumer, business, government and wholesale customers.
Verizon Wireless operates America's most reliable wireless network,
with 108.6 million retail connections nationwide. Verizon also
provides converged communications, information and entertainment
services over America's most advanced fiber-optic network, and
delivers integrated business solutions to customers worldwide. A
Dow 30 company with more than $127
billion in 2014 revenues, Verizon employs a diverse
workforce of 176,200. For more information, visit
www.verizon.com/news/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive
speeches and biographies, media contacts and other information are
available at Verizon's online News Center at
www.verizon.com/news/. The news releases are
available through an RSS feed. To subscribe, visit
www.verizon.com/about/rss-feeds/.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/verizon-completes-acquisition-of-aol-300103255.html
SOURCE Verizon Communications Inc.