Osborne Clarke announces today that it advised Ubiquity Software Corporation plc (Ubiquity) on its £76 million recommended takeover by Avaya Inc.
The terms include a recommended cash offer from Avaya for the entire issued and to be issued share capital of Ubiquity. The offer price is for 37.3 pence in cash for each Ubiquity share. This represents an 86.5% premium on the closing price for Ubiquity shares on 20 December 2006 - the last business day prior to the announcement by Ubiquity of discussions of a possible offer with a third party.
The recommended takeover will create strong synergies between Ubiquity's core software platform, service creation framework and applications, and Avaya's portfolio of enterprise products.
Ubiquity Software Corporation plc, listed on the AIM Market of the London Stock Exchange, develops and markets SIP-based communications software to service providers, ISVs and OEMs around the world. www.ubiquitysoftware.com
Avaya Inc. designs, builds and manages communications networks for more than one million businesses worldwide, including more than 90 percent of the FORTUNE 500®. Focused on businesses large to small, Avaya is a world leader in secure and reliable Internet Protocol telephony systems and communications software applications and services. www.avaya.com
Osborne Clarke corporate lawyers Jonathan King and Chris Worrell advised Ubiquity. The firm also advised Ubiquity on its AIM float in May 2005. Alistair Bird from Simmons & Simmons advised Avaya.
Key Contact: Mike Gutsell
0207 105 7228
mike.gutsell@osborneclarke.com