Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced that it has completed the cash tender offer to acquire Protect Data AB (publ) (PROT.ST) for a price of SEK 187 per share. Check Point has received acceptances of the offer from holders of 20,012,234 Protect Data shares, representing approximately 87.1 percent of the outstanding shares, and 104,700 warrants, representing approximately 81.8 percent of the outstanding warrants. On a fully diluted basis, the shares and warrants tendered represent approximately 87.1 percent.
Given the notable acceptance rate, Check Point has decided to acquire the shares and warrants which have been tendered for a total cost of approximately SEK 3,764 million or US $534 million, based on current exchange rate. To allow time for remaining shareholders to accept the offer, Check Point has extended the offer until January 22, 2007. Following closing, Protect Data will become a subsidiary of Check Point.
“This acquisition is a major step in our strategy for expanding Check Point's unified security architecture into data security,” said Gil Shwed, founder and chief executive officer of Check Point. “With Pointsec’s world-class solutions, Check Point can provide customers with best of breed data security solutions that complement our leading network security solutions. We are truly excited by the new market opportunities, and look forward to providing additional security and value to our customers and partners.”
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