Verizon Closes Acquisition Of AOL - Quick Facts

(RTTNews) - Verizon Communications Inc. (VZ) announced the successful completion of its tender offer to purchase all outstanding shares of AOL Inc for $50.00 per share in cash. The tender offer expired on June 22, 2015.

Verizon subsequently completed the acquisition of the remaining eligible AOL shares not acquired in the tender offer through a merger. As a result, AOL shares will no longer be traded on the NYSE, and AOL is now a wholly owned subsidiary of Verizon.

As of the expiration of the tender offer, approximately 47.52 million shares were validly tendered and not withdrawn in the tender offer, representing 60.37 percent of AOL's outstanding shares, according to the depositary for the tender offer.

Notices of Guaranteed Delivery were delivered with respect to 2.77 million additional shares, representing approximately 3.52 percent of AOL's shares, according to the depositary. Verizon has accepted for payment and will promptly pay for all validly tendered (and not withdrawn) shares.

All eligible AOL shares that were not validly tendered have been converted into the right to receive $50.00 per share in cash, without interest and less any applicable withholding taxes -- the same price paid in the tender offer.

In an expanded role, AOL CEO Tim Armstrong continues to lead AOL operations after the closing, and Bob Toohey, president of Verizon Digital Media Services, will report to Armstrong.

In May 2015, Verizon Communications announced an agreement to purchase AOL, a key player in the digital content and advertising platforms space, for $50 per share, at an estimated total value of around $4.4 billion.