Global Traffic Network Agrees to be Acquired by an Affiliate of GTCR for $14/Share

Global Traffic Network, Inc. GNET today announced that it has entered into a definitive merger agreement to be acquired by an affiliate of GTCR, LLC. Under the terms of the agreement, Global stockholders will receive $14.00 in cash for each share of Global's common stock, which represents approximately a 20.0% premium over the closing price on Tuesday, August 2, 2011 and a 22.7% premium based on the 60-day volume weighted average price of $11.41. The acquisition of Global will be completed through a cash tender offer for all outstanding shares of Global's common stock that is expected to commence shortly. The tender offer will be subject to customary conditions, including that there be validly tendered in the tender offer and not withdrawn a number of shares which represents at least a majority of the shares of common stock then issued and outstanding, excluding from such calculation shares held by Global's executive officers. The transaction is not subject to any financing condition. The tender offer will be followed by a merger in which each share of common stock not acquired in the tender offer will be converted into the right to receive $14.00 per share in cash, without interest. Upon completion of the transaction, Global will become a private company, controlled by an affiliate of GTCR. The transaction is expected to be completed by the fourth quarter of 2011.
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