Caere Announces Termination of Agreement to Acquire ViewStar.LOS GATOS Los Gatos (lôs gä`tōs, lŏs, găt`əs), city (1990 pop. 27,357), Santa Clara co., W Calif.; inc. 1887. It is an affluent residential community and health resort. , Calif.--(BUSINESS WIRE)--January 22, 1996--Caere Corporation (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 :CAER CAER Centre d'Arts Escèniques de Reus (French) CAER Community Awareness and Emergency Response program CAER Chemical Awareness and Emergency Response Program ) today announced that it has exercised its right to terminate its agreement to acquire ViewStar Corporation due to the non-fulfillment of certain closing conditions. Caere's stockholder meeting, to be held on Tuesday, January 23, 1996, will continue as planned in order for Caere's stockholders to consider an amendment to Caere's Employee Stock Purchase Plan, another item of business scheduled to be voted upon at the meeting. In connection with its termination of the agreement, Caere has accrued a one-time charge against earnings in the quarter ended December 31, 1995, in the amount of approximatley $1,000,000 in connection with expenses related to the agreement. Caere has made a claim against ViewStar under the agreement for reimbursement of these expenses plus a $1,200,000 breakup fee breakup fee A provision in a takeover agreement that requires a firm to pay the investment banker a large sum of money if another firm takes over the target company. A breakup fee tends to discourage other firms from making bids for the target. . Subsequent to Caere's delivery to ViewStar of Caere's notice of termination. ViewStar notified Caere that ViewStar contested Caere's right to terminate the agreement, and that ViewStar intended to terminate the agreement, and to assert a claim against Caere for reimbursement of ViewStar's expenses plus the $1,200,000 breakup fee. Caere Corporation with U.S. headquarters in Los Gatos, California “Los Gatos” redirects here. For the Argentine rock band, see Los Gatos (band). Los Gatos is an incorporated town in Santa Clara County, California, United States. The population was 28,592 at the 2000 census. , and European headquarters in Caere GmbH, in Munich, Germany, is the leader in OCR OCR in full optical character recognition Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. technology and a leading provider of desktop document management and forms processing products. CONTACT: Caere Corporation Blanche Sutter, 408/395-7000 Internet: blanche@caere.com |
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