Tuesday, 21 November 2006

Check Point to Acquire Swedish Data Security Company, Protect Data

Check Point has made a bid to acquire Protect Data, the holding company for mobile security firm PointSec Mobile Technologies, in a cash deal valued at USD 586 million (SEK 4,152 million).

"With businesses facing increasingly severe consequences from data breaches and a stricter regulatory environment, it is apparent that protection must extend beyond the infrastructure to the data itself," said Gil Shwed, chief executive officer of Check Point.

"After an evaluation process of the strategic alternatives for the company, both our board of directors and I believe this opportunity represents the best strategy for Protect Data, its customers, shareholders and employees," said Martin Bjдringer, chairman of Protect Data's board of directors.

Check Point is offering SEK 180 per Protect Data share, representing a premium of 39 per centper cent to the average closing price of Protect Data's shares during the last 90 trading days. The offer, which is being made through a wholly owned subsidiary of Check Point, is subject to a minimum acceptance of more than 90 per centper cent of all of the shares of Protect Data, before as well as after dilution, regulatory approval and other customary conditions. Following approval and registration with the Swedish Financial Supervisory Authority, the offer document is expected to be posted on November 24, 2006 here and here. The acceptance period is expected to run from November 27, 2006 to December 22, 2006, the company said.