SCHAUMBURG, Ill., Dec. 24 /PRNewswire-FirstCall/ -- Motorola, Inc. (NYSE: MOT - News) announced today that its subsidiary, MI, Inc., has extended the tender offer period in connection with its offer to acquire a controlling interest in Vertex Standard Co., Ltd. (JASDAQ: 6821) ("Vertex Standard"), a global provider of 2-way radio communication solutions.The tender offer period has been extended from December 26, 2007 to January 15, 2008. The extension was required because an amendment to the tender offer disclosure document has been filed announcing that all regulatory approvals required for the completion of the transaction have been granted. The tender offer must remain open at least 10 business days following such an amendment.
As previously announced on November 5, 2007, Motorola will form a joint venture with Tokogiken, a privately held Japanese company, controlled by Jun Hasegawa, current president and CEO of Vertex Standard. Upon successful completion of the tender offer and subsequent restructuring process, Motorola will own 80% of Vertex Standard and Tokogiken will retain 20%. The Board of Directors of Vertex Standard has expressed its support for the tender offer.
Vertex Standard is a leader within the Land Mobile Radio segment, where the company continues to demonstrate particular brand strength in high value, entry level solutions. The joint venture will develop and sell Vertex Standard branded products and develop select Motorola branded products.
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