BURLINGTON, Mass.--(BUSINESS WIRE)--Nuance Communications, Inc. (NASDAQ: NUAN - News), today announced that it submitted a proposal to the Board of Directors of Zi Corporation (NASDAQ: ZICA - News) (TSX: ZIC - News) to acquire Zi Corporation for U.S. $0.80 per share in cash. Nuance’s all-cash proposal, which is not subject to any financing conditions, represents a 150 percent premium over the closing price of Zi Corporation common stock on August 13, 2008, the last trading day prior to the public disclosure of Nuance’s proposal. This cash offer represents more than a 125 percent premium over Zi Corporation’s average closing price for the past 20 trading days, and approximately 100 percent premium over Zi Corporation’s average closing price for the past 60 trading days.“Nuance can offer customers a broader and more fully integrated product and technology portfolio than Zi Corporation can offer independently,” said Steve Chambers, president, Mobility & Consumer Services, of Nuance. “We believe the combination of Nuance and Zi delivers significant benefits to both companies’ shareholders.”
“Our U.S. $0.80 per share all-cash proposal provides Zi shareholders with a substantial cash premium for their investment in the company. We would hope to work cooperatively with Zi Corporation and to immediately commence discussions regarding our proposal,” Mr. Chambers added.
Nuance’s proposal is subject to the negotiation of a mutually agreeable definitive agreement, the completion of certain limited and confirmatory due diligence, and the satisfaction of other customary conditions and approvals.
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