NEW YORK and TEL AVIV, Israel, Dec.
24, 2017 /PRNewswire/ -- Warburg Pincus announced today that
it has successfully completed its previously announced tender offer
to purchase 31,265,358 ordinary shares of Cyren Ltd. ("Cyren") with
a nominal value of NIS 0.15 per share
("Cyren Shares") at $2.50 per share,
net to the seller in cash, less any required withholding taxes and
without interest. The tender offer, which commenced on November 20, 2017, expired on December 24, 2017 at 10:00
a.m., New York time, or
5:00 p.m. Israel time.
WP XII Investments B.V., an entity controlled by funds
affiliated with Warburg Pincus, was advised by the depositaries for
the offer that, as of the final expiration date of the tender
offer, a total of 16,980,779 Cyren Shares were validly tendered
pursuant to the offer, representing approximately 30% of Cyren
Shares on a partially diluted basis (assuming the exercise of
"in-the-money" options and conversion of Cyren's convertible
notes).
Payment for the Cyren Shares accepted will be made promptly
through American Stock Transfer & Trust Company, LLC and Israel
Brokerage & Investments I.B.I Ltd., the depositaries for the
tender offer.
After payment for the Cyren Shares tendered in the offer and
accepted for payment, Warburg Pincus will beneficially own
27,576,300 Cyren Shares, representing approximately 49% of Cyren
Shares on a partially diluted basis (assuming the exercise of
"in-the-money" options and conversion of Cyren's convertible notes)
or approximately 52% of the outstanding Cyren Shares (assuming
conversion of Cyren's convertible notes).
Forward-Looking Statements: This press release contains
forward-looking statements, including expectations regarding
Warburg Pincus' beneficial ownership of Cyren Shares after payment
for the Cyren Shares tendered in the offer and accepted for
payment. For example, statements in the future tense, and
statements including words such as "expect," "plan," "estimate,"
"anticipate," or "believe" are forward-looking statements. These
statements are based on information available at the time of the
press release and the company assumes no obligation to update any
of them (except as required by law). The statements in this press
release are not guarantees of future performance and actual results
could differ materially from current expectations as a result of
numerous factors, including, business conditions and growth or
deterioration in the internet security market, technological
developments, products offered by competitors, availability of
qualified staff, and technological difficulties and resource
constraints encountered in developing new products.
About Warburg Pincus: Warburg Pincus LLC is a leading
global private equity firm focused on growth investing. The firm
has more than US$44 billion in private equity assets under
management. The firm's active portfolio of more than 150 companies
is highly diversified by stage, sector, and geography. Warburg
Pincus is an experienced partner to management teams seeking to
build durable companies with sustainable value. Founded in 1966,
Warburg Pincus has raised 17 private equity funds, which have
invested more than US$60 billion in over 800 companies in more
than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong
Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San
Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit
www.warburgpincus.com.
Warburg Pincus Contact:
Mary
Zimmerman
+1.212.878.9207
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SOURCE Warburg Pincus