Syniverse Terminates Shareholder Rights Plan
31 July 2010 - 7:01AM
Business Wire
Syniverse Holdings, Inc. (NYSE:SVR), a leading provider of
technology and business solutions for the global telecommunications
industry, today announced that its Board of Directors has approved
and adopted an amendment to Syniverse’s shareholder rights plan to
accelerate the expiration of the company’s preferred share purchase
rights. As a result of the amendment, the shareholder rights plan
has terminated effective as of the close of business on July 30,
2010.
The shareholder rights plan was adopted in November 2008 after a
decline in the market price of Syniverse’s common stock to ensure
that all Syniverse shareholders were treated fairly in the event of
any unsolicited takeover of the company. In light of the returned
stability and orderly trading in the company’s common stock, and in
an effort to more closely align the company’s corporate governance
policies with current trends and best practices, the Board of
Directors determined it is no longer necessary or in the best
interests of the company or its shareholders to maintain the
shareholder rights plan.
The decision to terminate the rights plan was not made in
connection with any pending business transaction. Syniverse’s
shareholders do not need to take any action in connection with the
termination of the shareholder rights plan.
About Syniverse
Syniverse Technologies (NYSE:SVR) makes mobile work for more
than 800 mobile operators, cable and Internet providers, and
enterprises in over 160 countries. With unmatched expertise and
more than 20 years simplifying the complexities of roaming,
messaging and networking, Syniverse serves as the force at the
center of the mobile communications universe, keeping people
connected today and forging new connections for tomorrow. Nobody
knows mobile like Syniverse. For more information, visit
www.syniverse.com, follow Syniverse on Twitter or find Syniverse on
Facebook.
Cautionary Notice Regarding Forward-Looking
Statements
Certain of the statements in this press release may constitute
“forward-looking statements” for purposes of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as such may
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of
Syniverse to be materially different from the future results,
performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements
include, without limitation, statements regarding the stability and
orderly trading of Syniverse’s common stock, the necessity of the
shareholder rights plan, Syniverse’s expertise and status in the
mobile communications industry, and Syniverse’s ability to forge
new mobile connections in the future. These forward-looking
statements are based upon information presently available to the
company’s management and are inherently subjective, uncertain and
subject to change, due to any number of risks and uncertainties,
including, without limitation, those other risks and factors
discussed in Syniverse’s Annual Report on Form 10-K for the year
ended Dec. 31, 2009, and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2010, under the captions “Cautionary Notice
Regarding Forward-Looking Statements” and “Risk Factors” and
otherwise in Syniverse’s reports and filings that it makes with the
Securities and Exchange Commission. You should not place undue
reliance on any forward-looking statements, since those statements
speak only as of the date that they are made. Syniverse has no
obligation and does not undertake to publicly update, revise or
correct any of the forward-looking statements after the date of
this press release, or after the respective dates on which such
statements otherwise are made, whether as a result of new
information, future events, or otherwise, except as otherwise may
be required by law.
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