Zojuist gelezen op de site van TeleAtlas:
Tele Atlas N.V. ("Tele Atlas" or the "Company") has received a $210 million (approximately €175 million) irrevocable financing proposal from a consortium led by Oak Investment Partners ("Oak") and New Enterprise Associates ("NEA") which will expire on Wednesday at midnight (Amsterdam time), April 28 th, 2004.
The consortium, which also includes TeleSoft Partners, Meritech Capital and IAM, has proposed a $210 million investment in Tele Atlas in order to: finance the $100 million acquisition of Geographic Data Technology, a digital map company focused on the North American market fund the expenditure made to realize cost savings refinance existing shareholder loans of approximately $30 million at Tele Atlas and release of corporate guarantees by shareholders, and fund future investment and working capital needs.
The Oak-NEA consortium proposal entails the following key terms: $210 million (approximately €175 million) financing in the form of preferred stock convertible into Tele Atlas common stock on a one-to-one basis at €5.00 per share with customary anti-dilution provision.
The proposed convertible preferred stock has no redemption date and will pay the same dividend as is payable on the common shares; the convertible preferred stock is senior in liquidation preference for €5.00 per share to the Tele Atlas common stock.
The Oak-NEA proposal also provides for the issuance of warrants on approximately 7.1 million convertible preferred shares with an exercise price of €5.00 per share. These warrants will have a five year term.
The Tele Atlas Supervisory Board will meet to consider the Oak-NEA investment proposal on the evening April 28, 2004 . In order to assist the Supervisory Board in its deliberations, the Board of Tele Atlas has received a fairness opinion from Fortis Bank with regard to the financial terms of the Oak-NEA investment proposal.
Tele Atlas management will hold a conference call for the investment community to discuss the Oak-NEA Investment proposal. During this call the acquisition of GDT and anticipated cost savings, as well as the financial figures of Tele Atlas for 2003, on which other press releases are concurrently issued will be discussed.
Alles met betrekking tot TeleAtlas software
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