Acer to Acquire US-Based Gateway, Inc., Solidifying Acer's Position as the #3 Largest PC Company in the World
27 Agosto 2007 - 5:46AM
PR Newswire (US)
Conference call scheduled for Monday, August 27th at 7:30PM Taiwan
time to provide further details on the transaction TAIPEI, Taiwan
and IRVINE, Calif., Aug. 27 /PRNewswire-FirstCall/ -- Acer Inc.
(TWSE: 2353), one of the world's leading branded PC vendors,
announced today it has entered into a definitive agreement to
acquire Gateway, Inc. (NYSE:GTW). Gateway is the fourth largest PC
company in the US and a leading retail PC provider. The combination
will create a multi-branded PC-company with over US$15 billion in
revenues and shipments in excess of 20 million PC units per year.
Under the terms of the agreement, Acer will commence a cash tender
offer to purchase all the outstanding shares of Gateway for $1.90
per share, which represents total equity value consideration of
approximately $710 million. The acquisition has been unanimously
approved by the boards of directors of both Gateway and Acer and is
subject to standard closing conditions, including approval under
Hart Scott Rodino, Exon Florio and similar laws outside the U.S.
The acquisition is expected to close by December 2007. Gateway
earlier announced that it intends to exercise its Right of First
Refusal to acquire from Lap Shun (John) Hui, all of the shares of
PB Holding Company, S.ar.l, the parent company for Packard Bell BV
-- a leading European PC vendor based in France. In addition,
Gateway is currently in discussions with a third party with regards
to a sale of its U.S. based Professional business. "This strategic
transaction is an important milestone in Acer's long history," said
J.T. Wang, Chairman of Acer. "The acquisition of Gateway and its
strong brand immediately completes Acer's global footprint, by
strengthening our US presence. This will be an excellent addition
to Acer's already strong positions in Europe and Asia. Upon
acquiring Gateway, we will further solidify our position as number
three PC vendor globally." Gianfranco Lanci, President of Acer,
added, "Both Acer's and Gateway's geographical presences and
product positioning are highly complementary. We believe that our
combined scale will lead to significant efficiencies. Gateway has
built one of the industry's most powerful and unique brands and
with this acquisition, we will have the opportunity to implement an
effective multi-brand strategy and cover all the major market
segments. In time, we intend to actively manage our brand portfolio
and differentiate our brands to address different consumer
segments. We are also acquiring a world-class team and Gateway's
employees will be critical to our combined success." "We believe
our complementary geographical and product mixes, and our mutual
focus on the consumer market makes Acer an outstanding partner for
Gateway," explained Ed Coleman, CEO of Gateway. "Joining with Acer
will enable us to bring even more value to the consumer segments we
serve and capitalize on Acer's highly regarded supply chain
operations and global reach to expand the scope of the Gateway and
eMachines brands around the world. Acer has made impressive strides
in the global PC market and the board and I welcome this merger."
The combination of Acer and Gateway is expected to result in
significant revenue and cost synergies. The considerable increase
in scale will result in reductions in per unit procurement and
component costs for both companies. This combination also creates a
real opportunity for the cross-selling of product portfolios by
leveraging the customer relationships of both Acer and Gateway.
Significant savings are also expected through the increased
efficiency of the combined back-office functions. The pre-tax
synergies are expected to be at least $150 million. In addition,
this transaction is expected to be accretive to Acer's earnings per
share in 2008 without synergies. Citigroup Global Markets Inc.
acted as exclusive financial advisor to Acer; Goldman, Sachs &
Co. served as exclusive financial advisor to Gateway. Conference
Call A joint teleconference call and webcast hosted by Acer and
Gateway will be held today at 7:30PM Taiwan time / 1:30PM Central
Europe Time / 7:30AM New York time / 4:30AM Pacific Time to discuss
this transaction. The call may be accessed US toll free by dialing
1-800-219-6110. The toll free dial-in number from Asia is
10-800-744-0091, or 10-800-440-0091. The toll free dial-in number
from Europe is 0-800-279-2280. Please join the conference call at
least ten minutes early in order to register. Acer will also offer
a slide presentation to be viewed in conjunction with the live
webcast and will be accessible from the company's website at
http://www.acer.com/. A telephonic replay of the conference call
will be available through midnight Pacific time on Monday,
September 3, 2007, by dialing US toll free 800-405-2236. Callers
outside the US and Canada may access the replay by dialing
303-590-3000. The passcode to hear the replay is 110-96-467. About
Acer Acer is a leading branded PC vendor, designing easy,
dependable IT solutions that empower people to enhance their lives.
Since spinning-off its manufacturing operation, Acer has focused on
globally marketing its brand-name products: mobile and desktop PCs,
servers and storage, LCD monitors and high-definition TVs,
projectors, and handheld/navigational devices. Acer's unique
Channel Business Model is instrumental to the company's continued
success. The model encourages partners and suppliers to collaborate
in a winning formula of supply-chain management. Established in
1976, Acer Inc. employs 5,300 people supporting dealers and
distributors in more than 100 countries. Revenues in 2006 reached
US$11.32 billion. For more information, please visit
http://www.acer.com/. About Gateway Since its founding in 1985,
Irvine, Calif.-based Gateway (NYSE:GTW) has been a technology
pioneer, offering award-winning PCs, servers and related products
to consumers, businesses, government agencies and schools. Gateway
is the fourth largest PC company in the U.S. and among the top ten
worldwide. The company's value-based eMachines brand is sold
through leading retailers worldwide, while the premium Gateway line
is available at major retailers as well as over the web and phone.
See http://www.gateway.com/ for more information. THIS DOCUMENT IS
FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE
SOLICITATION OF AN OFFER TO SELL ANY SECURITIES. THE SOLICITATION
AND THE OFFER TO BUY SHARES OF GATEWAY'S COMMON STOCK WILL ONLY BE
MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT
ACER INTENDS TO FILE WITH THE SECURITIES AND EXCHANGE COMMISSION.
ONCE FILED, GATEWAY STOCKHOLDERS SHOULD READ THESE MATERIALS
CAREFULLY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO THE OFFER
BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND
CONDITIONS OF THE OFFER. ONCE FILED, GATEWAY STOCKHOLDERS WILL BE
ABLE TO OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH
RESPECT TO THE OFFER FREE OF CHARGE AT THE SEC'S WEBSITE AT
http://www.sec.gov/, FROM THE INFORMATION AGENT NAMED IN THE TENDER
OFFER MATERIALS OR FROM ACER. DATASOURCE: Gateway, Inc. CONTACT:
Cynthia Hiponia of The Blueshirt Group, +1-415-217-4966, Fax,
+1-415-217-7721, , or Stella T.H. Chou, +886-2-8691- 3204, or Henry
Wang, +886-2-8691-1046, both of PR, Branding Division, Fax:
886-2-8691-3262, all for Acer; or David Hallisey, +1-949-471-7703,
, or Lisa Emard, +1-949-471-7705, , both for Gateway, Inc., or
Investors, Marlys Johnson, +1-605-232-2709, Web site:
http://www.gateway.com/
Copyright
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