STAMFORD, Conn., June 10, 2015 – Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides innovative product and solutions to power commerce, today announced the completion of its acquisition of Borderfree, Inc. (NASDAQ:BRDR). Following the completion of the successful tender offer to purchase all outstanding shares of Borderfree for $14.00 per share in cash, without interest and subject to any required withholding of taxes, Pitney Bowes acquired all remaining Borderfree shares through a merger without a vote or meeting of Borderfree’s stockholders pursuant to Section 251(h) of the General Corporation Law of the State of Delaware.
The tender offer expired at 12:00 midnight, New York City time, on June 9, 2015. Computershare Trust Company, N.A., the depositary for the tender offer, advised that as of the expiration of the tender offer, 30,775,882 Borderfree shares had been validly tendered and not properly withdrawn, representing approximately 95 percent of Borderfree’s outstanding shares of common stock. The conditions to the tender offer were satisfied, and Pitney Bowes accepted for payment and paid the depositary for all validly tendered shares.
At the effective time of the merger and subject to any perfected appraisal rights, all remaining shares of Borderfree common stock not tendered into the tender offer were converted into the right to receive $14.00 in cash, without interest and subject to any required withholding of taxes, which is the same amount as paid in the tender offer. As a result of the completion of the merger, Borderfree has become a subsidiary of Pitney Bowes. Borderfree’s common stock will no longer be listed on the NASDAQ Stock Market.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company offering innovative products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. More than 1.5 million clients in approximately 100 countries around the world rely on products, solutions and services from Pitney Bowes. For additional information, visit Pitney Bowes at www.pitneybowes.com.