NEW YORK, June 5, 2013 /PRNewswire/ -- Avista Capital
Partners today announced that ACP Tower Merger Sub, Inc.
("Purchaser") has extended the expiration of the previously
announced tender offer to acquire all of the outstanding shares of
common stock of Telular Corporation (NASDAQ: WRLS) ("Telular") for
$12.61 per share, net to the seller
in cash without interest and less any applicable withholding taxes
thereon, until 12:00 midnight (New York
City time) at the end of the day on Friday, June 14, 2013, unless further extended or
earlier terminated. The tender offer was previously scheduled to
expire at 12:00 midnight (New York
City time) at the end of the day on Friday, June 7, 2013. All other terms and
conditions of the tender offer remain unchanged, including, without
limitation, the tender of at least two-thirds of the outstanding
shares of common stock of Telular and the approval of the Federal
Communications Commission.
Continental Stock Transfer & Trust Company, the depository
for the tender offer, has advised that, as of the close of business
on Tuesday, June 4, 2013,
approximately 575,596 shares of common stock of Telular were
validly tendered and not validly withdrawn from the tender
offer.
As previously disclosed, early termination of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976
applicable to the tender offer was granted effective as of
May 17, 2013 and the "go-shop" period
expired as of 11:59 p.m.
(New York City time) on
May 29, 2013 with no parties
qualifying as "Excluded Parties."
The tender offer is being made in connection with the Agreement
and Plan of Merger, dated as of April 29,
2013, among Telular, Purchaser and ACP Tower Holdings, LLC
("Parent"). Purchaser and Parent are controlled by Avista Capital
Partners. The Board of Directors of Telular has unanimously
approved the proposed acquisition by Avista Capital Partners and
recommends that Telular stockholders tender their shares in the
tender offer.
Copies of the Offer to Purchase, Letter of Transmittal and other
related material are available free of charge from Morrow &
Co., LLC, the information agent for the tender offer, toll-free at
(800) 607-0088 or (203) 658-9400.
About Telular Corporation
Telular Corporation (NASDAQ: WRLS) provides remote monitoring
and asset tracking solutions for business and residential
customers, enabling security systems and industrial applications to
exchange actionable information wirelessly, typically through
cellular and satellite technology. With over 25 years of experience
in the wireless industry, Telular Corporation has developed
solutions to deliver remote access for voice and data without
significant network investment. Headquartered in Chicago, Telular Corporation has additional
offices in Atlanta, Washington, D.C., and Miami. For more information, please visit
www.telular.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with
over $5 billion under management and
offices in New York, Houston and London. Founded in 2005, Avista's strategy is
to make controlling or influential minority investments in
growth-oriented energy, healthcare, communications & media,
industrials, and consumer businesses. Through its team of seasoned
investment professionals and industry experts, Avista seeks to
partner with exceptional management teams to invest in and add
value to well-positioned businesses.
Additional Information About the Tender Offer
The tender offer described in this press release has commenced,
but this press release and the description contained herein is
neither an offer to purchase nor a solicitation of an offer to sell
shares of Telular. Purchaser filed on May
10, 2013 a tender offer statement on Schedule TO with the
SEC and Telular filed on May 10, 2013
a solicitation/recommendation on Schedule 14D-9 with respect to the
tender offer. The offer to purchase shares of Telular common stock
will only be made pursuant to the offer to purchase, the letter of
transmittal and related documents filed with such Schedule TO. The
tender offer statement (including an offer to purchase, a related
letter of transmittal and other offer documents) and the
solicitation/recommendation statement, as each may be amended from
time to time, contain important information that should be read
carefully by Telular's stockholders before any decision is made
with respect to the tender offer. These materials were sent
free of charge to all of Telular's stockholders. The tender offer
statement and the solicitation/recommendation statement (and all
other documents filed with the SEC) are available at no charge on
the SEC's website: www.sec.gov.
TELULAR STOCKHOLDERS ARE ADVISED TO READ THE SCHEDULE TO AND THE
SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO
TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BEFORE
THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER, BECAUSE
THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION
AND THE PARTIES THERETO.
Media Contacts for Avista Capital
Partners:
James David or
Jeffrey Taufield
Kekst and Company
212-521-4800
SOURCE Avista Capital Partners