Fulfilment of conditions precedent leading to Cassidian CyberSecurity becoming the majority shareholder of Arkoon Network Security
Next steps to be the submission of a simplified tender offer for the remaining shares of Arkoon Network Security initiated by Cassidian CyberSecurity
Further to the agreement signed on 26 April 2013 by Cassidian CyberSecurity to become the majority shareholder of Arkoon Network Security and after fullfilment of the conditions precedent, Cassidian CyberSecurity now holds approximately 83.9% of the share capital and voting rights of Arkoon Network Security, following the effective transfer on 17 May 2013 of the shares held by the major financial shareholders of Arkoon Network Security, the founders and the management, at a maximum price of 3.25 euros.
Consequently, Cassidian CyberSecurity will, in compliance with articles 234-2 and 235-2 of the General Regulations of the French markets authority (Autorité des Marchés Financiers – AMF), submit a simplified tender offer (OPAS) for all the outstanding Arkoon Network Security shares followed, if applicable, by a mandatory squeeze-out procedure should, subsequent to the OPAS, Cassidian CyberSecurity hold more than 95% of the share capital and voting rights of Arkoon Network Security,. This procedure is subject to obtaining a statement of compliance by the AMF and subject to the findings of an independent expert who will assess the financial conditions of the OPAS and, as applicable, the mandatory squeeze-out procedure.
In this respect, the Supervisory Board of Arkoon Network Security appointed on 24 April 2013 the firm Paper & Audit as the independent expert, in accordance with article 261-1 and following the AMF general regulations.
Arkoon Network Security asked that trading of its stocks be suspended as of close of business on 26 April 2013, a situation that is to be maintained until further notice.
About Cassidian CyberSecurity (www.cassidiancybersecurity.com)
Cassidian CyberSecurity is a 100% Cassidian company entirely devoted to addressing the cyber security market across Europe and the Middle-East, operating from France, the United Kingdom and Germany. Cassidian CyberSecurity’s high-grade expertise includes « Cyber Defence & Professional Services » focusing on high-grade professional services and establishing Security Operation Centres; « Trusted infrastructure » aiming at cryptography, digital identity management and high-security national solutions, and « Secure Mobility », focused on services for mobile device security. To reinforce its solutions and establish a European cluster for cyber-security products and services, Cassidian CyberSecurity took over Netasq in November 2012. Cassidian CyberSecurity generated revenues of 80 million euros in 2012, with a workforce of 500 people, which it plans to double by 2017.
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