BroadSoft announced that it received notice from the U.S. Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with its pending merger with a wholly-owned subsidiary of Cisco Systems, Inc. (Cisco).
As previously announced, BroadSoft entered into an agreement to be acquired by Cisco for $55 per share, in cash, in exchange for each share of common stock of BroadSoft, or an aggregate purchase price of approximately $1.9 billion net of cash, assuming fully diluted shares including conversion of debt. The acquisition has been approved by the board of directors of each company. The transaction is expected to close in the first quarter of calendar year 2018, subject to approval by BroadSoft’s stockholders, remaining foreign regulatory approval, and other customary closing conditions.
BroadSoft has scheduled a Special Meeting of Stockholders for January 25, 2018 at 9:00 a.m. Eastern Time to vote on the proposed transaction. The BroadSoft Board of Directors unanimously recommends that stockholders vote “FOR” the proposal to adopt the merger agreement with Cisco.
The statements in this press release contain forward-looking statements regarding the proposed acquisition of BroadSoft by Cisco Systems, Inc. (“Cisco”). These statements are based on plans, estimates and projections at the time BroadSoft makes the statements, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms “may” and “will.” Forward-looking statements involve inherent risks and uncertainties, and BroadSoft cautions readers that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. Factors that could cause actual results to differ materially from those described in this press release include, among others: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement and the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed merger. Additional risks are described in BroadSoft’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, and its subsequently filed reports with the Securities and Exchange Commission (“SEC”). Readers are cautioned not to place undue reliance on the forward-looking statements included in the statements in this press release , which speak only as of the date hereof. BroadSoft does not undertake to update any of these statements in light of new information or future events.