Airvana Stockholders Approve Merger; Transaction Completed
April 09 2010 - 2:15PM
Business Wire
Airvana, Inc. (NASDAQ: AIRV), a leading provider of mobile
broadband network infrastructure products, today announced that, at
Airvana’s special meeting of stockholders held this morning,
Airvana’s stockholders overwhelmingly approved the proposed merger
with 72 Mobile Acquisition Corp. Approximately 70% of Airvana’s
outstanding shares present or represented by proxy at the special
meeting voted in favor of the merger. Following the special
meeting, the transaction was completed.
Airvana announced on December 18, 2009 a definitive agreement
with respect to the transaction, which is valued at approximately
$540 million.
Under the terms of the merger agreement, Airvana’s pre-closing
stockholders are entitled to receive $7.65 in cash, without
interest and less any applicable withholding taxes, for each share
of common stock that they owned immediately prior to the effective
time of the merger. Letters of transmittal allowing Airvana’s
pre-closing stockholders of record to deliver their shares to the
paying agent in exchange for payment of the merger consideration
will be distributed shortly. Pre-closing stockholders who held
shares through a bank or broker will not have to take any action to
have their shares converted into cash, as such conversions will be
processed with the paying agent by the bank or broker.
With the closing of the transaction, Airvana stock will no
longer trade on the NASDAQ following the market close today and
will be delisted.
About Airvana, Inc.
Airvana helps operators transform the mobile experience for
users worldwide. Airvana, Inc.’s high-performance technology and
products, from comprehensive femtocell solutions to core mobile
network infrastructure, enable operators to deliver compelling and
consistent broadband services to mobile subscribers, wherever they
are. Airvana, Inc.’s products are deployed in over 70 commercial
networks on six continents. Airvana, Inc. is headquartered in
Chelmsford, Mass., USA, with offices worldwide. For more
information, please visit www.airvana.com.
Forward-Looking Statements
Statements in this press release regarding the merger, future
financial and operating results, benefits of the merger, future
opportunities for the combined company, and any other statements
about managements’ future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing the words “believes,” “plans,” “anticipates,”
“expects,” “estimates” and similar expressions) should also be
considered to be forward-looking statements. There are a number of
important factors that could cause actual results or events to
differ materially from those indicated by such forward-looking
statements, including the outcome of any legal proceedings that may
be or have been instituted in connection with the merger and the
other factors described in Airvana, Inc.’s Annual Report on Form
10-K for the year ended January 3, 2010. Airvana, Inc. disclaims
any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release.
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