Exhibit 99.1
For Immediate Release
AGC Networks To Increase Its Offer Price to $1.10 Per Share in Cash and Extend Its Tender Offer for Black Box Corporation until January 4, 2019
DALLAS and MUMBAI, India and SINGAPORE and PITTSBURGH — December 20, 2018 —A wholly owned subsidiary of global solutions integrator AGC Networks Ltd (BSE/NSE: AGCNET), AGC Networks Pte. Ltd. in Singapore (“AGC Networks), and Black Box Corporation (NASDAQ:BBOX) today announced that AGC Networks’ indirect wholly owned subsidiary, Host Merger Sub Inc. (“Purchaser”), has increased its offer price with respect to its tender offer (the “Offer”) to purchase all of the issued and outstanding shares of common stock, par value $0.001 per share (the “Shares”), of Black Box Corporation (“Black Box”) from $1.08 to $1.10 per Share, net to the holder thereof in cash, without interest and subject to any applicable tax withholding. The increased offer price represents a premium of approximately 3.77% over the closing price of Black Box’s Shares on November 20, 2018, the last full trading day prior to the commencement of the Offer. The expiration date of the Offer will be extended to January 4, 2019, and withdrawal rights will be available until the expiration date.
The increase in the offer price is being made pursuant to an amendment, entered into on December 20, 2018, to the previously announced merger agreement, dated November 11, 2018, between Black Box, Purchaser and certain of Purchaser’s affiliates.
Additionally, as a result of the increase in the offer price, the Offer period has been extended as required by the SEC’s rules and to allow additional time for the satisfaction of the conditions to the Offer.
As of midnight (i.e., one minute after 11:59 p.m.), New York City time, on December 19, 2018, 7,137,166 Shares (excluding 515,140 shares tendered by guaranteed delivery) had been validly tendered and not withdrawn pursuant to the Offer, representing approximately 46.84% of the outstanding Shares. Shareholders who have already tendered their Shares do not have tore-tender their Shares or take any other action as a result of the extension of the expiration date of the Offer.
Unless extended further, the Offer will now expire at midnight (i.e., one minute after 11:59 p.m.), New York City time, on January 4, 2019. The Offer was previously scheduled to expire at midnight (i.e., one minute after 11:59 p.m.), New York City time, on Wednesday, December 19, 2018. All terms and conditions of the Offer, other than the offer price and original expiration time, remain the same.
Complete terms and conditions of the Offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials that were filed as exhibits to the Tender Offer Statement on Schedule TO filed by AGC Networks and Purchaser with the Securities and Exchange