NovAtel Inc.: Clearance From German Competition Authority Received for Hexagon Tender Offer
22 November 2007 - 12:50AM
Marketwired
CALGARY, ALBERTA announced today that the German competition
authority Bunkdeskartellamt (Federal Cartel Office or "FCO") gave
its clearance under the German Act Against Restraints of
Competition for the cash tender offer by Hexagon Canada
Acquisition, Inc., a wholly owned direct subsidiary of Hexagon AB
(STO:HEXA B) for all of the issued and outstanding shares of
NovAtel Inc. This was the only regulatory approval required for the
offer and as such, there are no remaining regulatory conditions to
complete the tender offer.
The offer is expected to expire at 5:00 p.m. (New York, New York
time) on Tuesday, November 27, 2007, unless the tender offer is
extended or withdrawn.
For additional information on the Hexagon tender offer please
contact:
Information Agent
Morrow & Co., LLC
(800) 607-0088
Dealer Manager
Morgan Stanley
(877) 219-1920
Depositary Mellon Investor Services LLC
(800) 777-3674 (for callers from US, Canada or Puerto Rico)
(201) 680-6654 (collect-for all other callers)
About Hexagon
Hexagon AB is a global technology group with strong market
positions within measurement technologies and polymers. Hexagon's
vision is to be number one or number two in each strategic business
area. The group has about 9,400 employees in 30 countries and net
sales of about SEK 14,000 million. For more information, visit
www.hexagon.se.
About NovAtel
NovAtel Inc. (NASDAQ: NGPS) is a leading provider of precision
Global Navigation Satellite System (GNSS) components and subsystems
that afford its customers rapid integration of precise positioning
technology. The Company's mission is to provide exceptional return
on investment and outstanding service to our customers. An ISO 9001
certified company, NovAtel is focused on developing quality OEM
products including receivers, antennas, enclosures and firmware
that are integrated into high precision positioning applications
worldwide. These applications include surveying, Geographical
Information System (GIS) mapping, precision agriculture machine
guidance, port automation, mining, marine and defence industries.
NovAtel's reference receivers are also at the core of national
aviation ground networks in the USA, Japan, Europe, China and
India. The Company is committed to providing its customers with
advanced positioning technology through significant R&D
investment focusing on the modernized Global Positioning System
(GPS), the revitalized Russian GLONASS and the emerging European
Galileo satellite systems, as well as the integration of additional
complementary technologies such as Inertial Measurement Units
(IMUs). For more information, visit www.novatel.com.
This press release contains forward-looking statements that
involve risks and uncertainties concerning Hexagon's proposed
acquisition of NovAtel. These forward-looking statements are not
based on historical facts but rather on management's current
expectations. Wherever possible, words such as "anticipate",
"believe", "expect", "may", "could", "potential", "intend",
"estimate", "should", "plan", "predict", "forecast" or the negative
or other variations of these words, or similar words or phrases,
have been used to identify these forward-looking statements. Actual
events or results may differ materially from those described in
this press release due to a number of risks and uncertainties.
Potential risks and uncertainties regarding the acquisition
include, among others, the success of the tender offer, other
conditions to the closing of the tender offer, the possibility that
the transaction will not close or that the closing may be delayed,
and the effect of the announcement of the merger on NovAtel's
customer relationships, operating results and business generally,
including the ability to retain key employees. Other potential
risks and uncertainties include, among others, the reaction of
customers of NovAtel to the transaction; and general economic
conditions. For more information and additional risk factors
regarding NovAtel generally, see the factors described in the
Company's Form 20-F for the year ended December 31, 2006 and other
SEC filings, many of which are beyond the control of NovAtel. These
factors should be considered carefully and undue reliance should
not be placed on the forward-looking statements. These
forward-looking statements are made as of the date of this news
release, and NovAtel assumes no obligation to update or revise them
to reflect new events or circumstances.
This press release 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 NovAtel
common stock is being made only pursuant to an amended offer to
purchase and related materials that Hexagon Canada Acquisition,
Inc., Hexagon AB and NovAtel filed with the SEC on Schedule
TO/13E-3/A. NovAtel also has filed an amended
solicitation/recommendation statement on Schedule 14D-9/A with
respect to the offer. NovAtel shareholders and other investors
should read these materials carefully because they contain
important information, including the terms and conditions of the
offer. NovAtel shareholders and other investors will be able to
obtain copies of these materials without charge from the SEC
through the SEC's website at www.sec.gov. Shareholders and other
investors are urged to read carefully those materials prior to
making any decisions with respect to the offer.
Contacts: NovAtel Inc. Sonia Ross Investor Contact: (403)
295-4532
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