Wayfinder Directors recommend Vodafone offier

09 December 2008, 9:36am

The Wayfinder Systems AB Board of Directors unanimously recommends the public offer from Vodafone Europe B.V.

Vodafone Europe B.V is offering SEK 12.00 per share in cash for each share in Wayfinder. The Offer represents a premium of:

o 252.9 per cent compared to the closing price of SEK 3.40 for Wayfinder's shares on 8 December 2008, the last trading day prior to the announcement of the Offer;

o 205.8 per cent compared to the volume weighted average price of SEK 3.92 for Wayfinder's shares during the last 3 months prior to the announcement of the Offer; and

o 30.1 per cent compared to the volume weighted average price of SEK 9.22 for Wayfinder's shares during the last 12 months prior to the announcement of the Offer.

Wayfinder's Board of Directors unanimously recommends shareholders to accept the Offer

Shareholders in Wayfinder, together holding approximately 44.9 per cent of the total amount of shares in Wayfinder, have granted Vodafone call options and given Voda-fone irrevocable undertakings to accept the Offer

Magnus Nilsson, Director of the Board and CEO in Wayfinder comments:

"We are excited about the prospects of serving the vast Vodafone subscriber base with our world leading location-based services. We remain committed to serving our existing customer base."

Jon Risfelt, Chairman of the Board of Directors of Wayfinder, comments:

"A stronger Wayfinder enters into 2009 after a challenging 2008 having secured several important deals on GPS handsets and streamlined its operations. After evaluating the Offer, the Board of Directors considers the transaction to be favourable for both shareholders and employees of Wayfinder. The Board of Directors has obtained a Fairness Opinion from Arma Partners which confirms that the consideration is fair, from a financial point of view. The Board of Directors therefore unanimously recommends all shareholders to accept the Offer."

Source: Wayfinder press release

www.wayfinder.com

Geo: International