Sierra Wireless completes subsequent tender offer for Wavecom shares, Oceanes

By Lisa Kerner

Charlotte, N.C., April 8 - Sierra Wireless, Inc. said its subsidiary, Sierra Wireless France SAS, successfully reached the squeeze-out threshold in its all-cash offer for Wavecom SA shares.

In total, Sierra Wireless France directly holds 14,562,502 ordinary shares, including ordinary shares represented by American Depositary Shares, or 88.3% of Wavecom's share capital and voting rights.

Sierra Wireless said 2,571,037 Oceane convertible bonds were also tendered to the offer.

The subsequent offering period ended March 31.

Sierra Wireless France plans to implement the squeeze-out of the ordinary shares and Oceanes and will request the delisting of Wavecom securities from both Euronext and Nasdaq stock markets.

The settlement and payment of the ordinary shares and Oceanes is set for April 15.

As previously reported, 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.

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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