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ORBCOMM Announces Expiration Of 30-Day 'Go-Shop' Period Under Terms Of Merger Agreement Between Co And GI Partners; Co Says Did Not Receive Alternate Acquisition Proposals During The 'Go-Shop' Period

ORBCOMM Inc. (NASDAQ:ORBC), a global provider of Internet of Things (IoT) solutions, today announced the expiration of the 30-day "go-shop" period under the terms of the merger agreement between ORBCOMM and GI

05/10/2021 08:19

ORBCOMM Inc. (NASDAQ:ORBC), a global provider of Internet of Things (IoT) solutions, today announced the expiration of the 30-day "go-shop" period under the terms of the merger agreement between ORBCOMM and GI Partners, a leading US-based investor in data infrastructure businesses, which was previously announced on April 8, 2021. The "go-shop" period expired at 11:59 pm ET on May 7, 2021. No alternative acquisition proposals were received by ORBCOMM during the "go-shop" period.
 

Pursuant to the merger agreement, during the "go-shop" period, ORBCOMM, with the assistance of PJT Partners and Raymond James, ORBCOMM's financial advisors, actively solicited alternative acquisition proposals from third parties that they believed might be interested in a possible alternative transaction. During this process, ORBCOMM, PJT Partners and Raymond James engaged with more than 50 parties. ORBCOMM is now subject to customary "no-shop" restrictions that limit its and its representatives' ability to solicit alternative acquisition proposals from third parties, subject to customary "fiduciary out" provisions.

The transaction is expected to close in the second half of 2021, subject to the satisfaction of customary closing conditions, including approval by ORBCOMM stockholders and the receipt of required regulatory approvals. Upon completion of the transaction, ORBCOMM will become a privately-held company, and its common stock will no longer be listed on the Nasdaq Stock Market.