Avast announces that yesterday the Enterprise Chamber of the Court of Appeal in Amsterdam, (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.
