Newsroom
Stratos Board Approves Increased Offer Price For Acquisition by CIP Canada
- Offer price raised to C$7.00 per share; a 9.4 percent increase to the original offer price -
Bethesda, MD. (June 11, 2007) - Stratos Global Corporation ("Stratos" or the "Corporation") today announced that its Board of Directors unanimously approved an increased cash purchase price of C$7.00 per share for the proposed acquisition of Stratos by CIP Canada Investment Inc. ("CIP Canada"). This represents a 9.4 percent increase compared to the original offer price of C$6.40 per share and a 5.9 percent increase compared to the most recent closing price of Stratos shares on June 8, 2007.
"We are pleased that CIP Canada decided to increase its offer price following discussions initiated by Stratos with certain of our major shareholders," said Charles Bissegger, Stratos' chairman of the Board of Directors. "We continue to believe this is the right transaction for Stratos and we recommend that all shareholders vote in favor of the plan of arrangement."
As announced earlier today, completed proxies can now be submitted up until the 2:00 p.m. Eastern Daylight Time start of the Annual and Special Meeting of Shareholders on Tuesday, June 12, 2007. The meeting will be held in the Northern Lights Ballroom at the Renaissance Toronto Hotel Downtown, One Blue Jays Way, Toronto Canada.
Shareholders who have already submitted proxies and would like to change their vote or require assistance in completing their proxy should contact Georgeson Shareholder Communications Canada Inc. at its North American toll free number of 1-866-682-6144.
About Stratos
Stratos is the world's trusted leader for vital communications. Stratos offers the most powerful and extensive portfolio of remote communications solutions including mobile and fixed satellite and microwave services. More than 20,000 customers use Stratos products and industry-leading value-added services to optimize communications performance. Stratos serves U.S. and international government, military, first responder, NGO, oil and gas, industrial, maritime, aeronautical, enterprise, and media users on seven continents and across the world's oceans. Stratos is a wholly-owned subsidiary of Inmarsat plc. For more information, visit www.stratosglobal.com.
For additional information :
Paula McDonald, FCA
Executive Vice President and Chief Financial Officer
709.724.5227
paula.mcdonald@stratosglobal.com