SYNAVANT Accepts Revised Tender Offer Bid of $3.22 per Share from Dendrite; Board Unanimously Approves Amendment to Dendrite Offer.Business Editors ATLANTA--(BUSINESS WIRE)--May 17, 2003 SYNAVANT Inc. (Nasdaq:SNVT SNVT Standard Network Variable Types SNVT Short No Voltage Tester ), a global leader in pharmaceutical Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) and Interactive Marketing (IM) services for the biopharmaceutical industry, today announced that its Board of Directors has approved unanimously an increase in the price offered by Dendrite dendrite: see nervous system; synapse. International Inc. ("Dendrite") (Nasdaq:DRTE DRTE Defence Research Telecommunications Establishment ) to acquire SYNAVANT from $2.83 per share to $3.22 per share in cash. In addition, Dendrite agreed to advance up to $15.0 million to SYNAVANT under a credit agreement to provide short-term liquidity. This revised Dendrite tender offer is subject to shareholders representing a majority of SYNAVANT's outstanding common stock ownership tendering their shares, as well as other customary conditions. SYNAVANT expects the transaction to close in June 2003. SYNAVANT will file a copy of an amendment to the merger agreement between Dendrite and SYNAVANT containing the revised terms of the Dendrite offer via an 8-K Filing with the Securities and Exchange Commission ("SEC"). This news release is neither an offer to purchase nor a solicitation of an offer to sell securities of SYNAVANT Inc. Dendrite will file an amended tender offer statement on Schedule TO regarding the offer with the SEC. SYNAVANT also expects to file a Solicitation/Recommendation Statement on Schedule 14D-9 recommending Dendrite's revised offer. Investors and stockholders are advised to read this documentation, when and if it becomes available, because this documentation will contain important information. Investors and stockholders may obtain a free copy of the tender offer documentation (when and if available) and other related documents filed by Dendrite and SYNAVANT at the SEC's web site at www.sec.gov. The tender offer documentation and such other documents may also be obtained free of charge from SYNAVANT by directing such request to SYNAVANT Inc., 3445 Peachtree Road NE, Suite 1400, Atlanta, Georgia 30326, Attention: Vincent J. Napoleon, Corporate Secretary. Alterity Al`ter´i`ty n. 1. The state or quality of being other; a being otherwise. For outness is but the feeling of otherness (alterity) rendered intuitive, or alterity visually represented. Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acted as financial advisor to SYNAVANT for this transaction. About SYNAVANT SYNAVANT Inc. guides biopharmaceutical and healthcare companies globally to greater business success by accelerating the adoption of advances in healthcare around the world. SYNAVANT accomplishes this by designing, building and supporting a wide range of knowledge-based solution sets, that bring together leading-edge technology, proven data management competence, a full range of specialist services -- including hardware services and computer systems validations -- and over 30 years of healthcare expertise. Its comprehensive, global solutions include pharmaceutical Customer Relationship Management (CRM) and eBusiness applications, interactive marketing, server and database management, dedicated local helpline helpline Noun a telephone line set aside for callers to contact an organization for help with a problem helpline n → teléfono de asistencia al público support, training, telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. , sample management, and product-recall services. SYNAVANT is headquartered in Atlanta, GA, USA and has offices in 21 countries. Additional information is available at http://www.synavant.com. About Dendrite Dendrite develops and delivers solutions that increase value in sales, marketing, and clinical processes for pharmaceutical and other life science clients. Note: Dendrite is a registered trademark of Dendrite International, Inc. This news release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to, the risks that SYNAVANT's shareholders will not tender a majority of the outstanding shares to Dendrite, that the other conditions to the transaction with Dendrite will not be satisfied and that SYNAVANT will be subject to further litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. as a result of the transaction with Dendrite. Notwithstanding any statement in this news release, SYNAVANT acknowledges that the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements under Section 21E of the Securities Exchange Act of 1934, as amended, added by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, does not apply to forward-looking statements made in connection with a tender offer. |
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