Motorola Extends Tender Offer to Acquire Controlling Interest in Vertex Standard
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Press release date: December 24, 2007
SCHAUMBURG, Ill., Dec 24, 2007 -- Motorola, Inc. (NYSE: MOT) announced today that its subsidiary, MI, Inc., has extended the tender offer period in connection with its offer to acquire a controlling interest in Vertex Standard Co., Ltd. (JASDAQ: 6821) ("Vertex Standard"), a global provider of 2-way radio communication solutions. The tender offer period has been extended from December 26, 2007 to January 15, 2008. The extension was required because an amendment to the tender offer disclosure document has been filed announcing that all regulatory approvals required for the completion of the transaction have been granted. The tender offer must remain open at least 10 business days following such an amendment.
As previously announced on November 5, 2007, Motorola will form a joint venture with Tokogiken, a privately held Japanese company, controlled by Jun Hasegawa, current president and CEO of Vertex Standard. Upon successful completion of the tender offer and subsequent restructuring process, Motorola will own 80% of Vertex Standard and Tokogiken will retain 20%. The Board of Directors of Vertex Standard has expressed its support for the tender offer.
Vertex Standard is a leader within the Land Mobile Radio segment, where the company continues to demonstrate particular brand strength in high value, entry level solutions. The joint venture will develop and sell Vertex Standard branded products and develop select Motorola branded products.
The approximate number of shares of Vertex Standard Co., Ltd tendered to date is 1,230,000 shares, representing approximately 17% of the outstanding shares of Vertex Standard, which tendered shares do not include the shares owned and committed to be tendered by Tokogiken and Mr. Jun Hasegawa. There have been no stock acquisition rights tendered to date.
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information and entertainment that you want and need. We do this by designing and delivering "must have" products, "must do" experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.8 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.motorola.com.
About Vertex Standard
Vertex Standard Co. Ltd is a company primarily engaged in radio communication products for land, marine, airband, and amateur. Since the company was incorporated in 1956, Vertex Standard has become a global two-way radio manufacturer with advanced technologies. With customer satisfaction as its number one priority, the company has supplied products that meet the changing demands of the 2-way radio communications market. Sales for the fiscal year-ending March 2007 were approximately 21,983,000,000 yen. Details for Vertex Standard are available at http://www.vxstd.com/jp/.