Samsung Electronics Co. Ltd. Completes Tender Offer For AST Research Inc.IRVINE, Calif.--(BUSINESS WIRE)--Aug. 8, 1997--Samsung Electronics Co. Ltd. Friday announced the successful completion of its cash tender offer to acquire all of the outstanding shares of 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) not owned by Samsung for $5.40 per share. Preliminary results indicate that as of the final expiration of the Offer at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Friday Aug. 8, 1997, 28,537,986 shares (including 162,948 shares tendered by means of guaranteed delivery) had been tendered and not withdrawn, representing approximately 90% of the outstanding shares not owned by Samsung. With the Offer completed, the previously announced merger of Samsung's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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. Acquisition Inc. with and into AST Research Inc. is expected to be consummated Monday, Aug. 11, 1997, pursuant to the short-form merger provisions of the Delaware General Corporation Law, whereby AST Research will become a subsidiary of Samsung. In the merger, each share of AST's common stock not purchased in the Offer (other than shares as to which appraisal rights are exercised) will be converted into the right to receive $5.40 in cash. Shortly following the merger, materials will be mailed to AST stockholders whose shares were not tendered, along with a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. which will provide instructions to receive the $5.40 per share. CONTACT: Emory Epperson, 714/727-7958 |
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