SEATTLE, Feb. 22, 2012 /PRNewswire/ -- Onvia (Nasdaq: ONVI), a leading provider of gBusiness solutions, today confirmed that it received an unsolicited, non-binding conditional proposal from Symphony Technology Group ("Symphony") to acquire all of the outstanding shares of Onvia's common stock other than those that it already owns at a price of $4.25 per share in cash, subject to due diligence and other conditions.
After careful consideration and following consultation with its legal and financial advisors, Onvia's board of directors unanimously determined that Symphony's acquisition proposal is inadequate and not in the best interests of Onvia and its stockholders and, given the progress our new management team has made in repositioning Onvia, believes that it undervalues Onvia and its future prospects. Onvia's board remains resolute in its commitment to maximize Onvia's future value for all of our stockholders, and believes that a sale of Onvia at this time is not in the best interest of our stockholders.
In connection with providing Onvia with its unsolicited acquisition proposal, Symphony has also advised Onvia that it intends to nominate three candidates for election to the Onvia Board of Directors at Onvia's 2012 annual meeting of stockholders.
Onvia advises stockholders that they need not take any action at this time in response to Symphony's proposal or intention to nominate candidates to the Onvia Board of Directors.Onvia's financial advisor is GCA Savvian Advisors, and its legal counsel is Blank Rome LLP. Earnings Call Stockholders are reminded that Onvia will release its financial results for the fourth quarter and full year ended December 31, 2011 on Thursday, February 23, 2012, after the close of the market. A conference call with investors to discuss the financial results is scheduled for later that day at 4:30 p.m. Eastern time. Members of Onvia's executive management team will host the presentation, followed by a question and answer period.
- Conference Call Dial-In Information - Date: Thursday, February 23, 2012; Time: 4:30 p.m. Eastern time ( 1:30 p.m. Pacific time); Dial-In Number: 1-800-895-4790; International: 1-785-424-1071 Conference ID#: ONVIA. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization and ask you to wait until the call begins. If you have any difficulty connecting with the conference call, please contact Cameron Way at 206-373-9034.
- Conference Call Replay - A replay of the call will be available after 7:30 p.m. Eastern time on the same day and until March 23, 2012: Toll-free replay number: 1-877-870-5176; International replay number: 1-858-384-5517; Replay Pin Number: 11636
- Webcast - The conference call will be broadcast simultaneously and available for replay via the investor section of the company's Web site at www.onvia.com.
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