Contact Information: Press Contact: John Noh 408 853-8445 jnoh@cisco.com Investor Relations Contact: Laura Graves 408 526-6521 lagraves@cisco.com
SAN JOSE, CA -- (MARKET WIRE) -- March 27, 2007 -- Cisco Systems, Inc. (NASDAQ : CSCO ) today
announced that its wholly owned subsidiary, Wonder Acquisition Corp., has
commenced its tender offer for all outstanding shares of WebEx
Communications, Inc. (NASDAQ : WEBX ), at a price of $57.00 per share net to
the seller in cash without interest, less brokerage fees and less any
required withholding taxes. On March 15, 2007, Cisco and WebEx announced
that they had signed a definitive merger agreement for Cisco to acquire
WebEx.
The Board of Directors of WebEx had previously unanimously approved the
merger agreement and the transactions contemplated thereby, including the
tender offer; declared that it is in the best interests of WebEx's
stockholders for WebEx to enter into the merger agreement and the
transactions contemplated thereby; declared that the tender offer is fair
to WebEx's stockholders; and recommended that holders of shares of WebEx
common stock accept the offer and tender their shares in the offer.
The tender offer is subject to certain conditions set forth in the Offer to
Purchase referenced below, including a minimum share tender condition, the
expiration or termination of the Hart-Scott-Rodino waiting period, and the
obtainment of applicable approvals under the antitrust, competition or
merger control laws of other countries, and other customary conditions, as
set forth in the merger agreement.
Unless the tender offer is extended, the tender offer and any withdrawal
rights to which WebEx's stockholders may be entitled will expire at 12:00
midnight, New York City time, on April 23, 2007 (which is the end of the
day on April 23, 2007). Following the acceptance for payment of shares in
the tender offer and completion of the transactions contemplated in the
merger agreement, WebEx will become a wholly owned subsidiary of Cisco.
The complete terms and conditions of the tender offer are set forth in the
Offer to Purchase, Letter of Transmittal and other related materials filed
by Cisco and Wonder Acquisition Corp. with the SEC on March 27, 2007. In
addition, on March 27, 2007, WebEx filed a Solicitation/Recommendation
Statement on Schedule 14D-9 with the SEC relating to the tender offer.
Copies of the Offer to Purchase, Letter of Transmittal and other related
materials, including the Solicitation/Recommendation Statement, are
available free of charge from Georgeson Inc., the information agent for the
tender offer, toll-free at (888) 264-7052 (banks and brokers call (212)
440-9800), or Lehman Brothers Inc., the dealer manager for the tender
offer, at (888) 610-5877 (toll free). Computershare Trust Company of New
York is acting as depositary for the tender offer.
Securities Law Disclosure
This press release is for informational purposes only and is not an offer
to buy or the solicitation of an offer to sell any securities. The
solicitation and the offer to buy shares of WebEx common stock will be made
only pursuant to an offer to purchase and related materials that Cisco
Systems, Inc. and Wonder Acquisition Corp. have filed with the SEC on
Schedule TO on March 27, 2007. WebEx also has filed a
solicitation/recommendation statement on Schedule 14D-9 with respect to the
offer. WebEx stockholders and other investors should read these materials
carefully because they contain important information, including the terms
and conditions of the offer. WebEx stockholders and other investors may
obtain copies of these materials without charge from the SEC through the
SEC's website at www.sec.gov, from Georgeson Inc., the information agent
for the offer, toll-free at (888) 264-7052 (banks and brokers call (212)
440-9800), from Cisco (with respect to documents filed by Cisco with the
SEC) by going to Cisco's Investor Relations Website at
http://www.cisco.com/go/investors, or from WebEx (with respect to documents
filed by WebEx with the SEC) by going to WebEx's Investor Relations Website
at www.WebEx.com. Stockholders and other investors are urged to read
carefully those materials prior to making any decisions with respect to the
offer.
About Cisco Systems
Cisco (NASDAQ : CSCO ) is the worldwide leader in networking that transforms
how people connect, communicate and collaborate. Information about Cisco
can be found at http://www.cisco.com. For ongoing news, please go to
http://newsroom.cisco.com
Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks
or trademarks of Cisco Systems, Inc. and/or its affiliates in the United
States and certain other countries. All other trademarks mentioned in this
document are the property of their respective owners. The use of the word
partner does not imply a partnership relationship between Cisco and any
other company. This document is Cisco Public Information.
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