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Now browsing: Hometown News > News > Brevard County

AuthenTec merger with Apple awaits shareholder approval
Rating: 2.57 / 5 (46 votes)  
Posted: 2012 Sep 14 - 00:30

$356 million partnership could mean big things for Brevard

By Chris Fish


BREVARD - Apple's plans for the Melbourne-based mobile and networking security company AuthenTec remain uncertain, and their potential partnership now lies in the hands of AuthenTec's shareholders.

"Neither company is going to say (what the buy means for job creation and technology use), since the two companies remain independent until after we receive customary regulatory and AuthenTec shareholder approval of the merger," said Brent Dietz, director of corporate communications at AuthenTec.

In order to move forward with the deal, AuthenTec, which specializes in encryption technology, fingerprint sensors and identity management software for mobile devices and computers, has invited shareholders to attend a special meeting to consider and vote upon the potential merger of the two companies Thursday, Oct. 4 at 10 a.m. at the offices of Alston & Bird LLP, 1180 W. Peachtree St., 15th floor, in Atlanta, Ga.

According to the company, the $356 million merger cannot be completed until it gets the green light from the majority of AuthenTec's shareholders.

The Oct. 4 meeting will include a vote on the merger agreement and approval of the compensation that may become payable to AuthenTec's named executive officers in connection with the merger.

"The AuthenTec Board of Directors unanimously recommends that (the shareholders) vote 'for' approval of the proposal to adopt the merger agreement," said Lawrence Ciaccia, chief executive officer of AuthenTec, in a press release to shareholders.

In the release, Mr. Ciaccia emphasized that each vote made by the shareholders is crucial for the potential partnership.

"(The shareholders') vote is very important, regardless of the number of shares of company stock (he or she) owns," he said. "The failure to vote (their) shares will have the same effect as a vote 'against' the approval of the proposal to adopt the merger agreement."

Mr. Ciaccia said shareholders who cannot make the scheduled meeting in Atlanta may submit their vote by accessing the website or mailing their vote to company headquarters.

If the transaction is approved by shareholders, AuthenTec will become a wholly owned subsidiary of Apple Inc.

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