Atheros Communications, Inc. (NASDAQ: ATHR), a global leader in
innovative technologies for wireless and wired communications,
announced that a special meeting of stockholders, convened today
for the purpose of obtaining the approval of Atheros stockholders
of Atheros' agreement to be acquired by QUALCOMM Incorporated for
$45.00 per share in cash, was adjourned without a vote on the
merger proposal. The special meeting has been adjourned until
Friday, March 18, 2011 at 1:00 p.m., Pacific Time, at 1700
Technology Drive, San Jose, California 95110 in response to an
order of the Delaware Court of Chancery requiring Atheros to make
available additional information to its stockholders prior to the
stockholder vote.
Atheros previously mailed to its stockholders of record as of
February 9, 2011, the record date for the special meeting, the
definitive proxy statement dated February 10, 2011 (the "Proxy
Statement"). On March 7, 2011, Atheros filed with the Securities
and Exchange Commission additional soliciting materials (the
"Additional Soliciting Materials") that supplement the Proxy
Statement by providing additional disclosure as required by the
Delaware Court of Chancery. Atheros stockholders
are urged to carefully read the Additional Soliciting
Materials.
Any stockholder who has previously delivered a proxy may revoke
and revote it at any time before the polls close at the special
meeting on March 18, 2011. Stockholders who do not wish to revoke
their votes, including stockholders who have already voted in favor
of or against the merger proposal or the adjournment proposal and
do not wish to change that vote, do not need to take any further
action. All shares of Atheros common stock represented by properly
executed proxies that are received in time for the special meeting,
as adjourned, and that are not revoked, will be voted at the
special meeting in the manner specified by the holder.
At the time of the adjournment, a preliminary count indicated
that the holders of approximately 73% of Atheros' outstanding
shares were represented at the special meeting in person or by
proxy, and approximately 73% of Atheros' outstanding shares
intended to vote in favor of the merger. The results of voting at
the special meeting, once reconvened on March 18, 2011, could
differ from this preliminary count.
Atheros stockholders of record as of February 9, 2011, the
record date for the special meeting, who have not yet voted and
still wish to do so may vote in the manner set forth in the Proxy
Statement. Stockholders who have questions about the merger or how
to submit proxies, or who need additional copies of the Proxy
Statement or the proxy card or who have questions about the
Additional Soliciting Materials may contact Atheros' proxy
solicitor, Georgeson Inc., toll-free at 866-296-5716 or
212-440-9800.
While Atheros believes that the Additional Soliciting Materials
satisfy the requirements for additional disclosure as ordered by
the Delaware Court of Chancery, Atheros must make application to
the Delaware Court of Chancery for the lifting of the order
enjoining the stockholder vote on the proposed merger. Atheros
plans to make such application promptly so that the special
meeting, as adjourned, can be held on March 18, 2011. If the
Delaware Court of Chancery does not, prior to the special meeting
scheduled for March 18, 2011, lift the order enjoining the
stockholder vote on the proposed merger, we will be required to
adjourn the special meeting until a later date.
Atheros' board of directors, which previously
recommended that Atheros stockholders adopt the merger agreement,
reaffirms that recommendation and encourages stockholders to vote
"FOR" the adoption of the merger agreement at the special meeting,
as adjourned.
About Atheros Atheros Communications
delivers innovative technologies for wireless and wired
communications. Its mission is to invent technologies that connect
and empower people in ways that are elegant and accessible to all.
Building upon its broad expertise in RF and mixed signal
semiconductor design, Atheros' portfolio includes a wide variety of
connectivity solutions that are used by many of the world's leading
networking equipment, computing and consumer device manufacturers.
Headquartered in San Jose, California, Atheros has a significant
and growing presence in Asia and Europe to serve its global
customer base. For more information, visit www.atheros.com.
This press release contains "forward-looking statements," as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
or the Exchange Act, that are based on Atheros' current
expectations, assumptions, beliefs, estimates and projections about
our company and our industry. The forward-looking statements are
subject to various risks and uncertainties that could cause actual
results to differ materially from those described in the
forward-looking statements. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "anticipate," "believe," "estimate," "expect,"
"forecast," "intend," "plan," "project," "should" and similar
expressions. Factors that may affect those forward-looking
statements include, among other things: uncertainties as to the
timing of the acquisition; the possibility that competing offers
will be made; the possibility that various closing conditions for
the acquisition may not be satisfied or waived; the outcome of any
legal proceedings challenging the proposed merger; the timing of
the lifting of the preliminary injunction relating to the proposed
merger; general economic and business conditions; and other
factors. We caution you that reliance on any forward-looking
statement involves risks and uncertainties, and that although we
believe that the assumptions on which our forward-looking
statements are based are reasonable, any of those assumptions could
prove to be inaccurate, and as a result, the forward-looking
statements based on those assumptions could be incorrect. In light
of these and other uncertainties, you should not conclude that we
will necessarily achieve any plans and objectives or projected
financial results referred to in any of the forward-looking
statements. Atheros assumes no obligation to update the information
in this press release in light of new information or future events,
except as required by law.
Important Information
In connection with the proposed transaction with QUALCOMM
Incorporated, Atheros has filed a definitive proxy statement and
other relevant materials with the SEC. On or about February 14,
2011 and March 7, 2011, Atheros began mailing the definitive proxy
statement and the Additional Soliciting Materials, respectively, to
stockholders of record as of the close of business on February 9,
2011. Before making any voting decision with
respect to the proposed transaction, stockholders of Atheros are
urged to read the definitive proxy statement and other relevant
materials filed with the SEC because they contain important
information about the proposed transaction. The definitive
proxy statement and any other documents filed by Atheros with the
SEC may be obtained free of charge at the SEC's website at
www.sec.gov or from Atheros at www.atheros.com or by contacting
Atheros Investor Relations at: david.allen@atheros.com or
408-830-5762.
Atheros and its executive officers and directors may be deemed
to be participants in the solicitation of proxies from Atheros'
stockholders in favor of the proposed transaction. A list of the
names of Atheros' executive officers and directors and a
description of their respective interests in Atheros are set forth
in the definitive proxy statement filed with the SEC in connection
with the proposed transaction, and in any documents subsequently
filed by its executive officers and directors under the Securities
Exchange Act of 1934, as amended. Certain executive officers and
directors of Atheros have interests in the proposed transaction
that may differ from the interests of stockholders generally,
including benefits conferred under retention, severance and change
in control arrangements and continuation of director and officer
insurance and indemnification. These interests and any additional
benefits they may receive in connection with the proposed
transaction are described in the proxy statement filed with the SEC
in connection with the proposed transaction, which may be obtained
free of charge from the sources indicated above.
Editorial Contact: Molly Mulloy Atheros Communications
408-830-5850 molly.mulloy@atheros.com Investor Contact:
David H. Allen Atheros Communications 408-830-5762
david.allen@atheros.com
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