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REDMOND, Wash., Jan 7, 2000 /PRNewswire via COMTEX/ -- Microsoft Corp.
(Nasdaq: MSFT) today announced the completion of its acquisition of
Seattle-based Visio Corp. for approximately $1.5 billion in stock.
Under terms of the acquisition, originally announced on Sept. 15, 1999,
Visio will become the Visio Division operating within Microsoft's
Business Productivity Group led by Microsoft Group Vice President Bob
Muglia. The Visio Division will retain its offices in downtown Seattle.
"We are thrilled to officially welcome Visio, a pioneer in delivering
unique diagramming solutions to business and enterprise customers, to
the Microsoft family of business products," Muglia said. "Together,
Microsoft and Visio will bring visualization and diagramming software
to a broader range of customers while improving the ways knowledge
workers can present their ideas."
"This is an exciting day for all of us at Visio," said Jeremy Jaech,
president and chief executive officer of Visio Corp. "We look forward
to being a part of Microsoft and to many opportunities and challenges
as we focus on increasing and expanding the value that diagramming
software can add to knowledge workers around the world."
Jaech will become a vice president at Microsoft, managing the Visio
Division and reporting to Muglia.
Visio shareholders will receive 0.45 shares of Microsoft common stock
in exchange for each share of Visio common stock owned at today's
market close (1 p.m. PST). Partial shares will be paid in cash based on
a Microsoft Average Closing Price of $107.41 as calculated under the
merger agreement for each of the 20 trading days ending Dec. 31, 1999.
Microsoft today also announced the termination of its stock repurchase
program. Accounting rules promulgated by the Securities and Exchange
Commission preclude stock repurchases after business combinations
accounted for as poolings of interests. The merger of Microsoft and
Visio is expected to be accounted for as a pooling of interests.
About Microsoft Founded in 1975, Microsoft is the worldwide leader in
software for personal and business computing. The company offers a wide
range of products and services designed to empower people through great
software -- any time, any place and on any device.
NOTE: Microsoft is a registered trademark of Microsoft Corp. in the
United States and/or other countries. Visio is a registered trademark
of Visio Corp. in the United States and/or other countries. The names
of actual companies and products mentioned herein may be trademarks of
their respective owners.
SOURCE Microsoft Corp.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: press only, Caroline Boren, 425-637-9097, or
carolineb@wagged.com, or Rapid Response Team, 503-443-7000, or
rrt@wagged.com,
both of Waggener Edstrom, for Microsoft; or Jason Reindorp,
206-956-6470, or
jasonre@visio.com, or Annalise Coady, 44-1372-847-821, or
annalisec@visio.com,
both of Visio Corp.; or analysts only, Dennie-Ann Muscarella
of Microsoft
Corp., 425-705-4834; or Leslie Deitz of Visio Corp.,
206-956-6546, or
leslied@visio.com
WEB PAGE: microsoft.com
GEOGRAPHY: Washington
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