Descartes Intends to Acquire Porthus
The Descartes Systems Group Inc., has, through its wholly-owned subsidiary ("Descartes"), filed with the CBFA (the Belgian banking and finance supervisory authority) its intention to launch a conditional voluntary cash tender offer to acquire all outstanding shares of Zemblaz NV (formerly denominated Porthus NV, "Porthus"), a provider of global trade management solutions, at EUR 12.50 per share, as well as all outstanding warrants of Porthus.
The Offer is conditional on Descartes acquiring 95 percent of Porthus' outstanding shares and there being no material adverse change to Porthus or its business prior to closing. Subject to the approval of the CBFA, the offer is expected to commence by the end of January 2010. Assuming closing conditions are satisfied, the proposed acquisition is expected to close by the end of March 2010.
The Offer is conditional on Descartes acquiring 95 percent of Porthus' outstanding shares and there being no material adverse change to Porthus or its business prior to closing. Subject to the approval of the CBFA, the offer is expected to commence by the end of January 2010. Assuming closing conditions are satisfied, the proposed acquisition is expected to close by the end of March 2010.