Aladdin Knowledge Systems to cancel Oct. 23 meeting, agrees to discuss alternatives with Jasmine Holdco

By Lisa Kerner

Charlotte, N.C., Sept. 25 - Jasmine Holdco LLC said it withdrew its Aug. 28 demand that Aladdin Knowledge Systems Ltd. hold an extraordinary meeting of shareholders after the two companies reached an agreement.

As a result, Aladdin said it is canceling the extraordinary general meeting set for Oct. 23.

The two companies will discuss alternatives for enhancing value for Aladdin shareholders.

Jasmine agreed to refrain from submitting a new meeting demand before Oct. 30, according to a company news release.

In addition, prior to Oct. 30, Aladdin agreed not to solicit or close any minority equity investment and Jasmine agreed not to purchase or sell Aladdin equity, the release said.

It was previously reported that at the meeting scheduled for Oct. 23, shareholders were to consider Jasmine's proposal to replace all of Aladdin's board members except the two appointed in accordance with the Israeli Companies Law.

In August, Aladdin's board rejected Jasmine's proposal to acquire the company for $13 per share in cash. The board also determined that Jasmine's alternative proposal to buy the company's digital rights management business for $125 million to $135 million was not in the best interest of Aladdin shareholders, a prior news release said.

Jasmine is an affiliate of Vector Capital. SafeNet, Inc., a Vector wholly owned subsidiary, is an Aladdin competitor.

Aladdin is a Petach Tikva, Israel-based company that provides security solutions that reduce software theft, authenticate network users and protect against spam and viruses.

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