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Article Excerpt
AUSTIN, Texas -- Austin Ventures has delivered a letter to the board of directors of 724 Solutions, Inc. outlining a proposal by Austin Ventures to acquire, through investment funds affiliated with Austin Ventures, all of the outstanding equity interests of 724 Solutions not already owned by Austin Ventures for US$3.07 per share in cash. The acquisition would be effected pursuant to a negotiated Canadian plan of arrangement and would be conditioned upon completing due diligence, entering into a definitive arrangement agreement and satisfying conditions to be set forth in the agreement, including court and shareholder approval.
Austin Ventures, through Austin Ventures VI, L.P., Austin Ventures VI Affiliates Fund, L.P. and Austin Ventures VIII, L.P., beneficially owns 547,854 common shares of 724 solutions and holds approximately US$8.9 million in convertible promissory notes convertible into 2,902,096 common shares of 724 solutions as of the date of this release. Further, individuals affiliated with Austin Ventures beneficially own 5,162 common shares of 724 Solutions.
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