Verifone Systems, Inc. (NYSE: PAY), the global leader in secure electronic payment solutions, today issued the following statement after Hypercom Corporation (NYSE: HYC) announced that it had withdrawn litigation against Verifone.
“We’re pleased that Hypercom has withdrawn the litigation, which we believe was wholly without merit and was designed to keep Hypercom shareholders in the dark. We intend to move ahead with our $5.25 cash offer in due course. This proposal represents a premium of 37% over the closing price of Hypercom’s shares on September 23 and 52% over the 30-day trailing average closing price as of that date. Hypercom’s assertion about their performance in one consecutive quarter doesn’t change our view of their fundamental value.”
J.P. Morgan Securities LLC is acting as Verifone’s financial advisor; Sullivan & Cromwell LLP is acting as legal advisor.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, Inc. (“Verifone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.