NEW YORK, March 29, 2011 - Verizon Communications Inc. (NYSE, NASDAQ: VZ) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), for Verizon's pending acquisition of Terremark Worldwide, Inc. (Nasdaq: TMRK), has been terminated by the U.S. Department of Justice. As a result, no regulatory conditions remain outstanding with respect to the pending acquisition.
The tender offer to acquire all of the outstanding shares of Terremark common stock at a price of $19 per share in cash, without interest and less any required withholding taxes, is scheduled to expire at midnight Eastern time on March 31, 2011, unless extended. Terremark stockholders should contact Georgeson Inc., the information agent for the tender offer, at 800-903-2897 for instructions on how to tender their shares or to obtain the offer to purchase and related materials.
The tender offer and merger are subject to customary closing conditions described in the offer to purchase (as amended) that was filed by Verizon and its wholly owned subsidiary, Verizon Holdings Inc., with the Securities and Exchange Commission on Feb. 10.
"We appreciate the hard work of the staff of the Department of Justice in approving this transaction," said John Thorne, Verizon senior vice president and deputy general counsel.
The depositary for the tender offer has advised that, as of the close of business on March 29, 2011, approximately 29,848,605 shares (including approximately 789 shares subject to guarantees of delivery) were validly tendered and not withdrawn, representing approximately 41.99 percent of all outstanding shares of Terremark common stock.
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 mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving 94.1 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 194,000 and last year generated consolidated revenues of $106.6 billion. For more information, visit www.verizon.com.
SOURCE Verizon Communications Inc.
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