Business
CounterPath Enters into Definitive Agreement and Plan of Merger to be Acquired by Alianza, Inc.
CounterPath Shareholders to Receive US$3.49 per Share in Cash VANCOUVER, BC / ACCESSWIRE...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Enters into Definitive Agreement and Plan of Merger to be Acquired by Alianza, Inc.CounterPath Shareholders to Receive US$3.49 per Share in CashVANCOUVER, BC / ACCESSWIRE / December 7, 2020 / CounterPath Corporation (NASDAQ:CPAH)(TSX:PATH) (\"CounterPath\" or the \"Company\"), a global provider of award-winning Unified Communications and Collaboration (UCC) solutions for enterprises and service providers, today announced that it has entered into a definitive Agreement and Plan of Merger (the \"Merger Agreement\") with Alianza, Inc. (\"Alianza\"), a leading cloud communications platform for service providers, pursuant to which Alianza has agreed to acquire CounterPath in an all-cash transaction (the \"Transaction\") for US$3.49 per share (the \"Merger Consideration\"), implying an approximate market value of US$25.7 million.The Transaction, which was unanimously approved by CounterPath's board of directors (the \"CounterPath Board\"), represents a premium of approximately 26.3% to the closing price of CounterPath's common stock on the Nasdaq Capital Market on December 4, 2020, the last trading day prior to the Transaction announcement and a premium of approximately 27.4% to the prior 30 day average closing price of CounterPath's common stock on the Nasdaq Capital Market prior to the Transaction announcement.\"We are pleased to announce this transaction with Alianza, delivering immediate cash value to our shareholders at a premium,\" said David Karp, Chief Executive Officer of CounterPath. \"Together, Alianza and CounterPath will deliver a complete communication and collaboration platform to our shared customer base. This transaction is a testament to the hard work and dedication of our talented team, and we are excited to join Alianza.\"\"The CounterPath Board, led by a special committee comprised of independent board members, conducted a thorough review of opportunities to enhance shareholder value. The CounterPath Board has unanimously concluded that entering into this agreement with Alianza represents the best way to maximize value for CounterPath's shareholders,\" said Terence Matthews, Chairman of the CounterPath Board. \"This transaction with Alianza is an excellent outcome for CounterPath, and I thank David Karp and the rest of the management team for leading CounterPath to this critical point in CounterPath's ...