US data centre provider Terremark Worldwide got closer to completing its merger with US cableco Verizon yesterday when it announced that it had come to a memorandum of understanding on eight potential lawsuits affecting the deal.
In a statement…
US data centre provider Terremark Worldwide got closer to completing its merger with US cableco Verizon yesterday when it announced that it had come to a memorandum of understanding on eight potential lawsuits affecting the deal.
In a statement yesterday, Terremark said that eight putative lawsuits had been brought in Florida and Delaware.
The MoU means that all of the parties have agreed to enter into a settlement that will settle all the claims that were or could have been made against either Terremark or Verizon.
Terremark said that it had agreed to make additional disclosures about the background of events before the deal with Verizon was announced on 27 January.
It also said that it would provide more detail on how its financial adviser came to a price of US$19 as a fair value for each Terremark share that Verizon would acquire.
Verizon said on 27 January that it would pay US$19 per share in cash, which equated to a total equity value of US$1.4bn. This also represented a premium of over 35% more than the US$14.05 price that Terremark shares closed on the Nasdaq on the same day.
Terremark and Verizon will also now extend the expiration date for the tender offer from 10 March to 21 March.