VeriFone Issues Statement in Response to Announcement by Hypercom
SAN JOSE, Calif.--(BUSINESS WIRE)-- VeriFone Systems, Inc. (NYSE: PAY), the global leader in secure electronic payment solutions, today issued the following statement after Hypercom Corporation (NYSE: HYC) announced that it had withdrawn litigation against VeriFone.
“We’re pleased that Hypercom has withdrawn the litigation, which we believe was wholly without merit and was designed to keep Hypercom shareholders in the dark. We intend to move ahead with our $5.25 cash offer in due course. This proposal represents a premium of 37% over the closing price of Hypercom’s shares on September 23 and 52% over the 30-day trailing average closing price as of that date. Hypercom’s assertion about their performance in one consecutive quarter doesn’t change our view of their fundamental value.”
J.P. Morgan Securities LLC is acting as VeriFone’s financial advisor; Sullivan & Cromwell LLP is acting as legal advisor.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
CONTACT:
VeriFone Systems, Inc.
Investor Contacts:
William Nettles – Vice President Corporate Development and IR
408-232-7979
ir@verifone.com
or
MacKenzie Partners
Dan Burch, 212-929-5748
dburch@mackenziepartners.com
or
Media Contacts:
Sard Verbinnen & Co.
John Christiansen or Paul Kranhold, 415-618-8750
jchristiansen@sardverb.com or pkranhold@sardverb.com
or
VeriFone Systems, Inc.
Pete Bartolik, 508-283-4112
pete_bartolik@verifone.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Technology Data Management Hardware Internet Software
MEDIA:
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