VIAVI Thanks EXFO Minority Shareholders for Strong Support; Outlines Options Available to EXFO Minority Shareholders to Receive Fair Value
- Shareholders are encouraged to REJECT Mr. Lamonde's inferior US$6.00 per share going private transaction at the EXFO Special Meeting of Shareholders on Friday, August 13, 2021
- Shareholders may also exercise dissent rights and demand to be paid the fair value of their shares
- In addition, shareholders may contest the fairness of Mr. Lamonde's going private transaction by appearing at the fairness hearing before the Québec Superior Court on Friday, August 20, 2021
SCOTTSDALE, Ariz., July 29, 2021 /CNW/ -- Viavi Solutions Inc. ("VIAVI") (NASDAQ: VIAV) would like to thank EXFO Inc. (TSX: EXF) (NASDAQ: EXFO) ("EXFO") minority shareholders for their strong support to date for VIAVI's binding superior proposal to acquire EXFO for US$8.00 in cash per share. Those VIAVI has spoken to support VIAVI's binding superior proposal and believe that Germain Lamonde, EXFO's Chairman and majority shareholder, and the EXFO Special Committee should do what is right for all shareholders – not just Mr. Lamonde – and accept VIAVI's binding superior proposal.
Mr. Lamonde has issued a coercive ultimatum to EXFO minority shareholders: either accept his inadequate US$6.00 per share going private transaction or be forced to continue to hold EXFO shares – which traded at US$3.70 prior to the announcement of his going private transaction on June 7, 2021 – and could return to that trading level in light of Mr. Lamonde's refusal to consider a value-maximizing transaction that would benefit all EXFO shareholders.
As the EXFO Special Committee inexplicably continues to recommend Mr. Lamonde's inferior US$6.00 per share going private transaction, EXFO minority shareholders have asked VIAVI what options are available to them.
VIAVI firmly believes that EXFO shareholders deserve fair value. Shareholders should REJECT Mr. Lamonde's inferior US$6.00 per share going private transaction at EXFO's Special Meeting of Shareholders on Friday, August 13, 2021, and take the following actions:
VIAVI's binding superior proposal delivers compelling value to all EXFO shareholders, including Mr. Lamonde, who would receive the same significant premium as other shareholders, and given his sizeable interest, would benefit significantly.
EXFO minority shareholders deserve better and the EXFO Special Committee is urged to take this opportunity to work with VIAVI to maximize value for all shareholders.
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