Phoenix Announces End of Bidding by the Gores Group
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MILPITAS, Calif., Nov. 8, 2010 - Phoenix Technologies Ltd. (Nasdaq: PTEC), the global leader in core systems software (CSS), today announced The Gores Group has indicated it does not intend to submit any further proposals to acquire the outstanding securities of Phoenix.
On October 31, 2010, Gores had submitted a definitive proposal to acquire the outstanding shares of Phoenix common stock for $4.20 per share in cash. Marlin Equity Partners promptly matched Gores' proposal with an amendment to the definitive merger agreement previously entered into by Phoenix and affiliates of Marlin on August 17, 2010, and will now acquire all outstanding securities of Phoenix for $4.20 per share in cash, or approximately $152 million in total consideration.
The transaction with Marlin is subject to customary closing conditions, including the approval of Phoenix's stockholders. The stockholder meeting to approve the merger is scheduled to be held on November 19, 2010.
About Phoenix Technologies Ltd.
Phoenix Technologies Ltd. (Nasdaq: PTEC), the leader in core systems software products, services and embedded technologies, pioneers open standards and delivers innovative solutions that enable the PC industry's top system builders and specifiers to differentiate their systems, reduce time-to-market and increase their revenues. The Company's flagship products - Phoenix SecureCore Tiano(TM) and Embedded BIOS® -- are revolutionizing the PC user experience by delivering unprecedented performance, security, reliability, continuity, and ease-of-use. The Company established industry leadership and created the PC clone industry with its original BIOS product in 1983. Phoenix has over 200 technology patents issued and pending, and has shipped firmware in over one billion systems. Phoenix is headquartered in Milpitas, California with offices worldwide. For more information, visit www.phoenix.com.
SOURCE Phoenix Technologies Ltd.
CONTACT:
Robert Andersen,
Chief Financial Officer of Phoenix Technologies Ltd.,
+1-408-570-1000
Web Site: www.phoenix.com
