SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
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SERANOVA, INC.
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(Name of Registrant as Specified in its Charter)
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Merger Process Update
Q: As of January 10, 2001, what is the status of the merger proposal?
On December 26, 2000, Silverline Technologies filed a Form F-4 Registration
Statement with the U.S. Securities and Exchange Commission. This filing includes
the preliminary form of the proxy statement/prospectus that will be sent to
holders of SeraNova common stock in connection with the special meeting of
shareholders that will be called to consider and vote on the proposed merger.
The Board of Directors of SeraNova has set January 18, 2001, as the record date
for the special meeting, and we expect to distribute the final proxy
statement/prospectus to SeraNova shareholders shortly thereafter. The SeraNova
special meeting is scheduled to be held on February 12, 2001.
We expect that the required meeting of Silverline's shareholders to consider and
vote on the proposed merger will occur before the SeraNova special meeting, and
that the merger will be completed promptly after it is approved by the
shareholders of both companies.
On December 14, 2000, Silverline and SeraNova made the required
Hart-Scott-Rodino antitrust filings with the U.S. Department of Justice and the
Federal Trade Commission, which have granted early termination of the waiting
period required by the U.S. antitrust laws. These filings and the SEC filing are
the only significant U.S. regulatory preconditions to the proposed merger.
Silverline has also made certain filings with the Indian regulatory authorities
and has received various regulatory approvals relating to the proposed merger,
including those from The Reserve Bank of India, the Securities and Exchange
Board of India (SEBI), and other authorities within the Ministry of Finance.
There are still some additional Indian regulatory filings and approvals from the
same authorities that have not been completed as of January 10, 2001, with
respect to which Silverline believes it will receive further information on or
before January 19, 2001.
