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TheStreet Open House

ANT Plc Shareholders Approve Acquisition

Stocks in this article: ESP

OTTAWA, Jan. 11, 2013 /CNW/ - Espial (R) Group Inc. ("Espial" or the "Company"), (TSX: ESP), a leader in on-demand TV software and solutions, today announced that the shareholders of ANT plc ("ANT") approved the acquisition of Ant by Espial.

Closing of the transaction remains conditional on the satisfaction or waiver of certain remaining regulatory conditions including the sanction of the acquisition by the Court.  The dates of the Court hearings to sanction the acquisition are expected to be January 30, 2013 and February 1, 2013.  If approved by the Court, the transaction is expected to become effective on February 4, 2013.

Background

On November 30, 2012 Espial announced that it had entered into a co-operation agreement pursuant to which Espial offered to acquire all of the outstanding shares of ANT plc ("ANT") in exchange for all cash consideration of £0.205 per outstanding share. The Offer values the issued ordinary share capital of ANT at approximately £5 million.

ANT, headquartered in Cambridge UK, provides IP, Hybrid and Connected TV products and services. Their customers include major TV manufacturers, set-top box vendors, broadcasters and service providers.  ANT has successfully deployed its high performance software featuring rich HTML5 user experiences across set-top boxes, tablets and smart phones.   In addition, ANT has built significant industry thought leadership through standards initiatives where, for example, they are a founding member of HbbTV which is Europe's leading HTML5-based hybrid broadcast broadband TV standard.

Readers are cautioned that the proposed acquisition is subject to sanction by the Court, and various other customary closing conditions.  There can be no assurance that the proposed transaction will be completed on the terms described in this press release, on the expected timeline or at all.

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