Forrester Research, Inc. (Nasdaq: FORR), a leading provider of research and analysis on emerging technologies, and Giga Information Group, Inc. (OTCBB: GIGX), a leading global technology advisory firm, today announced the completion of Forrester¿s cash tender offer for all shares of common stock of Giga at a price of $4.75 per share.
The tender offer expired at midnight New York City time on February 24, 2003. Based on preliminary information provided by EquiServe Trust Company, N.A., the depositary for the offer, approximately 10,336,913 shares of Giga¿s common stock were tendered into the offer (including 1,554,400 shares tendered by notice of guaranteed delivery), which represents 93.4% of Giga¿s outstanding common stock (based upon 11,061,758 shares outstanding as of February 24, 2003). Whitcomb Acquisition Corp., a wholly owned subsidiary of Forrester through which the tender offer was made, has accepted for payment all validly tendered shares and will make payment promptly to the depositary for the accepted shares.
Forrester intends to acquire the remaining shares of Giga common stock in a second-step merger in which all remaining Giga stockholders who did not tender their shares in the tender offer will receive the same $4.75 per share in cash paid in the tender offer. Because Forrester acquired greater than 90% of the outstanding Giga shares, the merger will be completed without a stockholder vote. Forrester will mail relevant information to Giga stockholders who did not tender their shares in the tender offer on how to receive payment for their shares.