IDION Technology Holdings - Media Release
Conditional hostile bid for control unsuccessful
IDION Media release
Conditional hostile bid for control unsuccessful
28 May 2002
IDION Technology Holdings CEO Nicolaas Vlok said today that the conditional
Canadian hostile offer to gain control of IDION remains unsuccessful. The
fact that the offer is now unconditional also confirms that the Canadian
hostile bidder has gained considerable confidence in IDION, since it was
previously not prepared to risk an unconditional offer.
"Notwithstanding that DataMirror has made its offer unconditional we are
very confident that they will not achieve their objective of taking control
of IDION."
"We have undertakings from more than 54% of shareholders to reject the final
offer because it is significantly below the inherent value of IDION. We
therefore believe that when DataMirror announce their final holding, they
will be no more than a minority shareholder.
"DataMirror has sought to position itself as a competitor of IDION and as
such will not be granted board representation. In addition DataMirror will
not gain access to IDION`s technology."
"We have said all along that DataMirror desperately needs IDION, but that
IDION does not need DataMirror. Their unsuccessful takeover bid was an
attempt to gain access to our technology, client base, sales channel and
worldwide reach. Vlok said IDION had yet to see any value for its
shareholders, other than those of DataMirror, in proposals to put the two
companies together. "They will now have to answer questions, not only from
us but also from their own shareholders, as to what they will do with this
shareholding over the next 12 months."
"We are a dominant global participant in our main market, that for high
availability software. DataMirror has failed to gain a decent foothold in
this market, and probably see themselves falling even further behind when we
release our new technology, codenamed Orion.
"DataMirror`s strength has so far been in the area of data integration and
data sharing. In this area, too, we have just released new technology
(Symbiator 4.0) and its very favourable acceptance by clients must also be
concerning DataMirror.
"We have yet to see any evidence of the strategic fit to which DataMirror
refers." Vlok said.
For further information, please contact:
Corne Arnold, Corporate Communications Director, IDION, tel 011 517 1512 or
083 650 6877
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
