Sierra Wireless makes payments in connection with French tender offer for Wavecom

By Lisa Kerner

Charlotte, N.C., March 2 - Sierra Wireless Inc. confirmed it made cash payments to financial intermediaries for the ordinary shares and Oceane convertible bonds of Wavecom SA tendered into Sierra Wireless France SAS' offer held in France. The shares and Oceanes were delivered to Sierra Wireless France on Friday, the date the payment was made, Sierra Wireless said.

According to Sierra Wireless, payment for the securities tendered into Sierra Wireless France's offer in the United States will follow shortly.

Sierra Wireless reiterated that it will begin a subsequent offering period on March 11 in France and the United States for the remaining outstanding ordinary shares, American Depositary Shares and Oceanes of Wavecom.

The offers will end on March 31, according to a Sierra Wireless news release.

Wavecom announced previously that it 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.

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.

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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