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Following the lapse of the public tender offer by Cidron Services Oy on 26 May 2008 the Board of Directors of TietoEnator has continued discussions with a number of strategic and financial parties that have separately indicated their potential interest in making an offer for the Company. None of these discussions has, however, resulted in any firm and actionable offers for the shares and stock options in the Company and therefore, active discussions with potential offerors have ended.
Anders Ullberg, Chairman of the Board, states "Since the announcement of the offer by Cidron Services for the Company on 20 March the Board has held detailed discussions and provided due diligence access to all parties that have indicated a real interest in acquiring the Company. Having evaluated these alternatives and the inherent nature of each potential offeror, and their value attributes, the Board's unanimous view is that it has not received a firm and actionable offer that represents a fair value for shareholders and optionholders, and therefore all discussions between the company and potential offerors have come to an end. The Board believes that it is now in the interests of all stakeholders to minimize disruption to the Company and to focus on the execution of the Company's turnaround activities and revised strategy."
The Board will review TietoEnator's strategy in its annual strategy meeting during the coming summer and it will publish a summary of related decisions in connection with the second quarter interim report on 18 July 2008 to provide shareholders a concrete view about the details of the revised strategy and the Company's execution plans.
TietoEnator will publish its second quarter interim report on 18 July 2008 at 8.00 am EET.
For further information, please contact: Anders Ullberg, Chairman of the Board, tel. +46 70 632 6371 Reeta Kaukiainen, Executive Vice President, Communications and Investor Relations, tel. +358 2072 68711
TIETOENATOR CORPORATION
DISTRIBUTION Helsinki Stock Exchange Stockholmsbörsen Principal Media
TietoEnator is among the leading architects in building a more efficient information society and one of the largest IT services providers in Europe. TietoEnator specializes in consulting, developing and hosting its customers' business operations in the digital economy. The Group's services are based on a combination of deep industry-specific expertise and the latest information technology. TietoEnator has about 16 000 experts in close to 30 countries. www.tietoenator.com
