i-Data to Make an Offer for 100% of Eicon at CDN$5.00 per
Share and Eicon's Board Recommends Acceptance of the
Offer
MONTREAL, QUEBEC--OCTOBER 12, 2000 - 17:55 EDT
i-data international a-s ("i-data") and Eicon
Technology Corporation ("Eicon") are pleased to announce that
i-data has agreed to make an offer (the "Offer"), directly or
through a wholly-owned subsidiary, to purchase all of the
outstanding common shares of Eicon at a cash price of CDN$5.00 per
share.
The Offer will be subject to various conditions, including the
valid deposit of not less than 662/3% of the common shares of
Eicon (on a fully-diluted basis), the obtaining of all necessary
approvals from regulatory authorities to consummate the Offer and
to acquire all of the outstanding common shares of Eicon, and
other standard conditions. i-data has engaged CIBC World Markets
Inc. to act as soliciting dealer.
It is expected that i-data will mail the offer to Eicon
shareholders within 5 business days.
Holders of 19,252,756 common shares of Eicon, representing over
50% of the common shares (on a fully- diluted basis), have agreed
to tender their common shares to the Offer pursuant to agreements
entered into with i-data.
"We're pleased to have concluded our negotiations with Eicon's
main shareholders, enabling us to announce our offer to acquire
all outstanding shares of Eicon," says i-data CEO Nick Jensen.
"The combination of i-data and Eicon will create a global leader
within Secure Internet Connectivity, and will allow i-data to
significantly expand its technology and market penetration."
"The combination of Eicon's DIVA family of products and i-data's
secure Internet products will allow us to provide our customers
with a wide range of Internet connectivity solutions," said
Eicon's President and CEO Peter Brojde, "This pre-eminent
technology together with Eicon's strong distribution capabilities
around the world will position the company as an international
leader in the Internet access market. I'm convinced the
combination of Eicon and i-data will create a win-win situation
for all involved: employees, customers, shareholders, and
partners."
Upon the unanimous recommendation of an independent committee of
the Board of Directors of Eicon, the company has agreed to enter
into a support agreement with i-data and Eicon's Board of
Directors (the "Board") is recommending that the shareholders of
Eicon accept the Offer. National Bank Financial Inc. was retained
by the independent committee to act as its financial advisor and
provided its opinion that the Offer is fair, from a financial
point of view, to holders of common shares of Eicon. The support
agreement, negotiated by the independent committee of the Board,
provides for the payment of $5,700,000 to i-data in certain
circumstances, including the Board changing its recommendation to
accept the Offer.
Eicon Technology Corporation
Eicon Technology Corporation is a worldwide provider of Internet
access products. The Company develops, markets and supports
hardware and software products for connecting PCs and network
servers to the Internet and corporate networks and supplies media
gateways for voice IP and unified messaging. Eicon's products are
sold in more than 80 countries through a network of channel
partners, telecommunications companies and Original Equipment
Manufacturers. Eicon shares are traded on the Toronto Stock
Exchange under the symbol "EIC". Information about Eicon and its
products is available at eicon.com.
i-data international
i-data international a-s is a Denmark-based international IT
company comprised of two business areas:
* Secure Internet Connectivity: One of Europe's leading vendors of
Internet connectivity and security products, with an emerging
presence worldwide. Marketed under the LASAT Networks brand.
* Workflow & Output Management: A market and technology leader in
the workflow & output management market, with distribution
worldwide. Marketed under the i-data Printing Systems,
GammaGraphX (GGX) and MPI brands.
i-data has an installed base of several million units, and
currently has approximately 350 employees worldwide. i-data is a
publicly traded company on the Copenhagen Stock Exchange. More
information about i-data is available at i-datac.com |
