Rizvi Traverse Management Completes Merger with RealD Inc.
22 März 2016 - 10:11PM
Business Wire
Global visual technology company RealD Inc. (“RealD” or the
“Company”) (NYSE: RLD) today announced that Michael V. Lewis,
founder of RealD, and an affiliate of Rizvi Traverse Management,
LLC (“Rizvi Traverse”) have completed the previously announced
acquisition of the Company. In connection with the merger
agreement, Mr. Lewis has reinvested his equity stake and will
continue to serve in the role of Chief Executive Officer.
On February 24, 2016, RealD stockholders approved the merger
agreement at a special meeting of stockholders. Pursuant to the
definitive merger agreement among RealD and an affiliate of Rizvi
Traverse, dated as of November 8, 2015, RealD stockholders will
receive $11.00 per share in cash, without interest and less any
applicable withholding taxes, for each share of common stock they
owned immediately prior to the effective time of the merger. RealD
common stock will cease trading on The New York Stock Exchange at
the close of market today and will be delisted.
Stockholders of record will receive a letter of transmittal and
instructions on how to surrender their shares of RealD common stock
in exchange for the merger consideration. Stockholders of record
should wait to receive the letter of transmittal before
surrendering their shares.
Moelis & Company LLC acted as sole financial advisor and
Wachtell, Lipton, Rosen & Katz and Cooley LLP acted as legal
advisors to RealD’s Board of Directors. Latham & Watkins LLP
acted as sole legal advisor to Rizvi Traverse. Freshfields
Bruckhaus Deringer US LLP acted as sole legal advisor to Mr.
Lewis.
About RealD Inc.
RealD is a leading global licensor of 3D and other visual
technologies. RealD is the world’s most widely used 3D technology
and our extensive intellectual property portfolio is used in
applications and products that enable a premium viewing experience
in the theater, the home and elsewhere.
RealD was founded in 2003 and has offices in Beverly Hills;
Boulder; London; Moscow; Shanghai; Hong Kong; and Tokyo. For more
information, please visit our website at www.reald.com.
About Rizvi Traverse Management, LLC
Rizvi Traverse Management, LLC is a leading private equity
investment firm that primarily invests in the media, entertainment
and technology sectors. Past investments include ICM, Summit
Entertainment, SESAC, Playboy, Twitter, SpaceX, Square and
Snapchat. For more information visit www.rizvitraverse.com.
Forward-looking Statements
Statements about the expected timing, completion and effects of
the proposed merger and all other statements in this document,
other than historical facts, constitute forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Readers are cautioned not
to place undue reliance on these forward-looking statements and any
such forward-looking statements are qualified in their entirety by
reference to the following cautionary statements. All
forward-looking statements speak only as of the date hereof and are
based on current expectations and involve a number of assumptions,
risks and uncertainties that could cause the actual results to
differ materially from such forward-looking statements. The Company
may not be able to complete the proposed merger on the terms
described above or other acceptable terms or at all because of a
number of factors, including the failure to satisfy the proposed
merger’s closing conditions. Factors that may affect the business
or financial results of the Company are described in the risk
factors included in the Company’s filings with the Securities and
Exchange Commission, including the Company’s 2015 Annual Report on
Form 10-K and later filed quarterly reports on Form 10-Q and
Current Reports on Form 8-K, which factors are incorporated herein
by reference. The Company expressly disclaims a duty to provide
updates to forward-looking statements, whether as a result of new
information, future events or other occurrences.
© 2016 RealD Inc. All Rights Reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160322006574/en/
RealD Inc.Investor Contact:Andrew Greenebaum /
Laura Bainbridge310-829-5400investors@reald.comorMedia
Contact:Will Hammond424-702-4758whammond@reald.com
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