Sierra Wireless begins subsequent offer for Wavecom shares, Oceanes

By Lisa Kerner

Charlotte, N.C., March 11 - Sierra Wireless, Inc. began its previously announced subsequent offering period on Wednesday in France and the United States for the remaining outstanding ordinary shares, American Depositary Shares and Oceane convertible bonds of Wavecom SA.

The offers are being conducted through subsidiary Sierra Wireless France SAS and will end on March 31, according to a Sierra Wireless news release.

Wavecom agreed to be acquired by Sierra Wireless for €8.50 per ordinary share and €31.93 per Oceane, or a total purchase price of about €218 million.

According to Sierra Wireless, 13,353,912 ordinary shares, including ordinary shares represented by ADSs, were tendered in Sierra Wireless France's tender offer, which ended Feb. 12. The figure represents 84.34% of outstanding Wavecom shares.

In addition, 2,571,022 Oceanes were tendered, representing 99.97% of the outstanding Oceanes.

Following the closing of the subsequent offering period, Sierra Wireless France plans to implement a squeeze-out of the shares and Oceanes that have not been tendered in the offers.

Wavecom shares and Oceanes will be delisted from Euronext, and the ADSs will be delisted from Nasdaq, Sierra Wireless said.

Sierra Wireless is a modem and software company based in Richmond, B.C. Wavecom is an Issy-Les-Moulineaux, France-based wireless communications provider.

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