AST Research Announces Expiration of Tender Offer; Moves Up Date For Expected Merger Completion to Aug. 11.IRVINE, Calif.--(BUSINESS WIRE)--Aug. 8, 1997--AST Research Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASTA) Friday confirmed the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the tender offer by Samsung Electronics Samsung Electronics (SEC, Hangul:삼성전자; KSE: 005930, KSE: 005935, LSE: SMSN, LSE: SMSD) is a South Korean multinational corporation and the world's largest and leading electronics and information technology company. Co., Ltd. to purchase all of the outstanding shares of AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. stock that Samsung did not already own at a price of $5.40 per share. The company also announced it understands that the merger between AST and a subsidiary of Samsung Electronics (with AST being the surviving corporation) will be completed earlier than Aug. 25 as was previously announced. The revised date for the completion of the merger is now Aug. 11. "Completing the merger sooner than expected allows AST to focus more intensely on satisfying the needs of our customers," said S.T. Kim, AST president and chief executive officer. "It also allows the company to devote even greater resources and attention towards returning the company to profitability and a market growth position." AST has been informed that 28,537,986 shares (approximately 90% of the outstanding shares not owned by Samsung or its affiliates) had been tendered as of Aug. 8. Adding the tendered shares of AST common stock to the shares already owned by Samsung or its affiliates represents approximately 95 percent of the total outstanding shares of AST. AST expects cash payments to be sent during the week of Aug. 11 to shareholders who have tendered their shares. Shareholders of record who have not tendered their shares will soon be sent instructions on how they may receive cash payments by submitting their shares of AST stock. As previously announced, record holders of Liquid Yield Option Notes Liquid yield option note (LYON) Zero-coupon, callable, putable, convertible bond developed by Merrill Lynch & Co. (LYONs) issued by AST will be sent instructions in early September specifying how they may redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. their notes for cash. The company expects LYONs to be redeemable on or about Oct. 1, 1997. Samsung Electronics Co. Ltd., a $19 billion company of the $93 billion Samsung Group The Samsung Group is South Korea's largest conglomerate (chaebol), composed of numerous businesses, including Samsung Electronics, the world's largest electronics company[1] , is a world leader in electronics, with operations in more than 60 countries. The company challenges itself to make consumer electronics, semiconductors and industrial electronics that are effective, useful, simple and powerful. Samsung Electronics employs over 80,000 people worldwide. AST Research AST Research, Inc. was a personal computer manufacturer, founded in Irvine, California in 1980 by Albert Wong, Safi Qureshey and Thomas Yuen. (The name comes from the initials of their first names. develops and markets a broad spectrum of desktop, mobile and server PC products that are sold in more than 100 countries worldwide. AST systems meet a wide range of customer needs, ranging from corporate business applications to advanced home and home office use. Corporate headquarters is located at 16215 Alton Parkway, P.O. Box 57005, Irvine, Calif. 92619-7005. Telephone: 714/727-4141. Fax: 714/727-9335. Information about AST and its products can be found on the World Wide Web at http://www.ast.com . CONTACT: AST Research Inc., Irvine Emory Epperson 714/727-7958 emory.epperson@ast.com or Camerone Welch-Thorson 714/727-8858 camerone.welch-thorson@ast.com |
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