Pitney Bowes Inc. announced that it has successfully completed the acquisition of MapInfo Corporation at a price of $20.25 net per share in cash.
Today, Magellan Acquisition Corp., a wholly owned subsidiary of Pitney Bowes, merged with and into MapInfo. In connection with the merger, MapInfo has changed its name to PB MapInfo Corporation. The merger followed the successful completion by Magellan Acquisition Corp. of a tender offer for all outstanding shares of MapInfo at $20.25 net per share in cash which was completed at 12:00 Midnight, New York City time, on April 18, 2007. As a result of the merger, all outstanding shares of MapInfo, other than those held by holders who demand appraisal rights, have been converted into the right to receive $20.25 in cash, without interest (the same price paid in the tender offer). MapInfo stockholders whose shares were not validly tendered and accepted for payment in the tender offer will receive a Notice of Merger and a Letter of Transmittal that will instruct them on how to receive the merger consideration, and a Notice of Appraisal Rights under the Delaware General Corporation Law. In order to accomplish the merger as a "short-form" merger, Magellan Acquisition Corp. exercised a "top-up" option pursuant to the merger agreement which permitted it to purchase a limited number of additional shares directly from MapInfo for $20.25 per share (the same purchase price paid in the offer).
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