Prague, Czech Republic / Amsterdam, The Netherlands, February 15, 2017 – Avast Software B.V. ("Avast") announces that yesterday the Enterprise Chamber of the Court of Appeal in Amsterdam, the Netherlands (the "Enterprise Court") entered its judgment in the statutory squeeze-out proceedings initiated by Avast against the minority shareholders of AVG Technologies B.V. ("AVG").
The Enterprise Court found that EUR 22.84 (being the offer price of USD
25.00 converted into EUR against the exchange rate of October 31, 2016) is the
fair squeeze-out price per share in AVG and ordered all minority shareholders
of AVG to transfer their shares to Avast in exchange for a payment of EUR 22.84
per share in cash, increased by statutory interest to be calculated over the
period from October 31, 2016 until the date of transfer of the shares.
Up until March 15, 2017, shareholders of AVG may voluntarily adhere to
the judgment of the Enterprise Court by transferring their shares in AVG to
Avast. Shareholders should contact their bank, broker or other financial
intermediary to obtain information on how to transfer their shares in AVG to
Avast.
On or shortly after March 16, 2017, Avast will enforce the judgment of
the Enterprise Court against the remaining shareholders of AVG and pay the
aggregate squeeze-out price for the remaining shares in AVG into the
consignment fund of the Dutch Ministry of Finance. As of that date, all shares
in AVG that have not been transferred to Avast voluntarily will be transferred
to Avast by operation of law, and the former holders of these shares will then be
entitled to receive payment of the squeeze-out price for each share held as of March
16, 2017 from the consignment fund of the Dutch Ministry of Finance only.
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results to differ materially from those expressed or implied by such
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terms or other comparable terms. There are a number of important factors that
could cause actual events to differ materially from those suggested or
indicated by such forward-looking statements and you should not place undue
reliance on any such forward-looking statements. These factors include risks
and uncertainties related to, among other things: general economic conditions
and conditions affecting the industries in which Avast and AVG operate and the
squeeze-out proceedings initiated by Avast against the minority shareholders of
AVG. Additional information regarding the factors that may cause actual results
to differ materially from these forward-looking statements is available in
AVG’s filings with the U.S. Securities and Exchange Commission, including AVG’s
Annual Report on Form 20-F for the year ended December 31, 2015. These
forward-looking statements speak only as of the date of this release and
neither Avast nor AVG assumes any obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events and developments or otherwise, except as required by law.
