|Monday, November 1, 1999||< Prev||Next >|
SEATTLE, Oct. 29 /PRNewswire/ — Visio Corp. (Nasdaq: VSIO) announced today that it has received a request from the U.S. Department of Justice for additional information in connection with the Hart-Scott-Rodino filing relating to the proposed acquisition by Microsoft Corp. Both companies are required to supply additional information and documentation to comply with the request. The request extends the waiting period under the Hart-Scott-Rodino Act for a period ending 20 days after the parties have furnished the information.
A special meeting of Visio shareholders has been scheduled for Dec. 13, 1999 to vote for approval of the merger agreement. Information relating to the special meeting is expected to be mailed to Visio shareholders next week.
"This kind of request is fairly routine in a transaction of this size," explained Jeremy Jaech, president and chief executive officer of Visio Corp. "We remain optimistic that we will complete the transaction in late calendar 1999 or January 2000."
"We are very excited about this merger and are fully committed to completing the transaction as quickly as possible," said Bob Muglia, senior vice president of Microsoft's business productivity group. "Together, Visio and Microsoft will be able to bring rich business drawing and diagramming solutions to knowledge workers around the world, increasing productivity in the business environment."
Announced on September 15, 1999, the merger agreement is structured as an exchange of stock in which each share of Visio common stock will be exchanged for 0.45 shares of Microsoft common stock.
Visio Corp. is the leading supplier of enterprisewide business diagramming and technical drawing software, with an installed base of more than 3.5 million users worldwide. Founded in September 1990, the Seattle-based company pioneered the drawing and diagramming software market with the release of Visio 1.0 in November 1992 and has since released additional Windows-based graphics applications that offer users a unique and effective way to communicate and work. Visio's powerful product line is becoming a worldwide standard for graphical solutions in business, with the support of partner programs and third-party relationships in key market segments. Visio products are available in 12 language versions and are sold in more than 45 countries.
This press release (including the quoted language) contains forward-looking statements. There are certain important factors that could cause actual results to differ materially from those anticipated by some of the statements made above. Among these are timing of receipt of regulatory approvals and satisfaction of other closing conditions relating to the pending acquisition of Visio by Microsoft. Additional information concerning these and other risks is described in the section entitled "Certain Risk Factors That May Impact Future Results of Operations" contained in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 1998, and, from time to time, in other reports filed by the company with the Securities and Exchange Commission.
For more information about Visio and its products, customers can contact Visio at 800-24-VISIO (248-4746), ext. 93W, or visit the company's Web site at www.visio.com.
NOTE: Visio is a registered trademark of Visio Corporation in the United States and/or other countries. All other trademarks, trade names or company names referenced herein are used for identification only and are the property of their respective owners.