NEW YORK, April 8, 2011 - Verizon Communications Inc. (NYSE, NASDAQ: VZ) today announced that the subsequent offering period of its tender offer for all outstanding shares of Terremark Worldwide, Inc. (NASDAQ: TMRK) common stock has expired.
The subsequent offering period - made by Verizon's wholly owned subsidiary, Verizon Holdings Inc. - expired at 5 p.m. Eastern time on Thursday, April 7. After acquiring all shares validly tendered during the subsequent offering period, Verizon Holdings owns approximately 78,449,980 shares of Terremark common stock, representing approximately 96.6 percent of the outstanding shares. Verizon intends to promptly move forward with a "short-form" merger under Delaware law through which Terremark will become a direct, wholly owned subsidiary of Verizon. Verizon announced on April 1 that it had acquired control of Terremark.
As a result of the merger, any shares of Terremark common stock not previously tendered will be canceled and (except for shares held in the treasury of Terremark or by Verizon or Verizon Holdings, or shares for which appraisal rights are properly demanded) will be converted into the right to receive the same $19 in cash per share, without interest and less any applicable withholding taxes, that was paid in the tender offer.
Following the merger, Terremark common stock will cease to be traded on NASDAQ.
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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