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Court orders squeeze-out of minority shareholders of AVG Technologies B.V. a subsidiary of Avast Software B.V.

Company: Avast Software s.r.o.

Avast Software B.V. ("Avast") announces that the Enterprise Chamber of the Court of Appeal in Amsterdam, the Netherlands (the "Enterprise Court") entered its judgment in the statutory squeeze-out proceedings initiated by Avast against the minority shareholders of AVG Technologies B.V. ("AVG").

The Enterprise Court found that EUR 22.84 (being the offer price of USD 25.00 converted into EUR against the exchange rate of October 31, 2016) is the fair squeeze-out price per share in AVG and ordered all minority shareholders of AVG to transfer their shares to Avast in exchange for a payment of EUR 22.84 per share in cash, increased by statutory interest to be calculated over the period from October 31, 2016 until the date of transfer of the shares.

Up until March 15, 2017, shareholders of AVG may voluntarily adhere to the judgment of the Enterprise Court by transferring their shares in AVG to Avast. Shareholders should contact their bank, broker or other financial intermediary to obtain information on how to transfer their shares in AVG to Avast.

On or shortly after March 16, 2017, Avast will enforce the judgment of the Enterprise Court against the remaining shareholders of AVG and pay the aggregate squeeze-out price for the remaining shares in AVG into the consignment fund of the Dutch Ministry of Finance. As of that date, all shares in AVG that have not been transferred to Avast voluntarily will be transferred to Avast by operation of law, and the former holders of these shares will then be entitled to receive payment of the squeeze-out price for each share held as of March 16, 2017 from the consignment fund of the Dutch Ministry of Finance only.  

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Forward-Looking Statements
This press release contains forward-looking information that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the U.S. federal securities laws, and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "are confident that," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "would" or the negative of these terms or other comparable terms. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: general economic conditions and conditions affecting the industries in which Avast and AVG operate and the squeeze-out proceedings initiated by Avast against the minority shareholders of AVG. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in AVG’s filings with the U.S. Securities and Exchange Commission, including AVG’s Annual Report on Form 20-F for the year ended December 31, 2015. These forward-looking statements speak only as of the date of this release and neither Avast nor AVG assumes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.

Tags: Business Development | IT |

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