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Exhibit (a)(10)
EFI Announces Closure of Tender Offer For 91.5% of Splash and Proposed
Settlement of Merger Lawsuit
EFI Extends Time for Additional Shareholders to Tender Shares
FOSTER CITY, Calif.-- (BUSINESS WIRE) -- Oct. 15, 2000 -- Electronics For
Imaging, Inc. (EFI) (Nasdaq:EFII) the world leader in enabling networked
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printing solutions and Splash Technology Holdings, Inc. (Splash) (Nasdaq: SPLH)
jointly announced today the completion of EFI's cash tender offer to purchase
all the outstanding shares of common stock of Splash, and the extension of time
for additional shareholders to tender their remaining Splash shares.
EFI was advised by Wilmington Trust, FSB, the Depositary for the offer,
that a total of 13,442,057 shares had been tendered pursuant to the offer
(including 1,787,564 shares subject to guarantees of delivery), which expired at
5:00 p.m., New York City time on Friday, October 13, 2000, and that all such
shares have been accepted for payment.
After giving effect to the purchase of the shares tendered, EFI
beneficially owns approximately 91.5% of the outstanding Splash shares.
EFI also announced that it is commencing a subsequent offering period which
expires at 5:00 p.m. New York City time on Monday, October 23, 2000, unless
extended. During this subsequent offering period, Splash shareholders who did
not tender their shares by the expiration of the tender offer may tender their
shares by following the directions in EFI's offer to purchase and letter of
transmittal.
Splash and EFI also announced the signing of a memorandum of understanding
related to a proposed settlement of the class action lawsuit filed against
Splash and its directors on August 31, 2000 after the announcement of the merger
agreement between Splash and EFI.
The memorandum of understanding provides for the settlement and dismissal
with prejudice of the litigation. The final settlement, which includes the
amount of attorneys' fees to be paid to plaintiff's counsel, is subject to court
approval and there can be no assurance that such approval will be obtained. The
memorandum of understanding provides that those Splash shareholders who did not
tender their shares by the October 13, 2000 deadline will have until October 23,
2000 to tender their shares. The memorandum of understanding also calls for the
elimination of the termination fee set forth in the merger agreement and certain
changes concerning the ability of Splash to solicit another offer.
EFI and Splash deny any wrongdoing whatsoever, but agreed to the memorandum
of understanding to eliminate the burden and expense of further litigation.
As previously announced, EFI and Splash intend to effect a merger pursuant
to which Splash will become a wholly-owned subsidiary of EFI and all remaining
Splash stockholders (other than EFI) will have the right to receive the same $10
per share in cash paid in the tender offer. It is currently anticipated that the
merger transaction will be completed within the next two weeks.
About Electronics For Imaging
Electronics for Imaging (www.efi.com) is the world leader in enabling
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networked printing solutions. EFI technology allows copiers, printers, and
digital presses to be shared across work groups, the enterprise, and the
internet. The results are greater productivity, improved document management,
seamless networking, and the assured quality of color and black-and-white
images. The company's OEM partners look to EFI to deliver products that help
grow sales and reduce costs associated with internal development and support.
Competitive, feature-rich
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solutions, such as the Fiery and EDOX brands of networked image processors and
the eBeam brand of Web-enabled whiteboard systems, are an outgrowth of our
determination to offer OEMs and end users alike the highest assurance of
innovation, quality, reliability, and support. The company employs more than 800
people and maintains 22 offices worldwide.
Safe Harbor for Forward Looking Statements: Statements contained in this press
release, which are not historical facts, are forward-looking statements subject
to risks and uncertainties as discussed more fully in the companies' filings
with the SEC, including their most recent Form 10-K and Form 10-Q. In addition,
acquisitions involve risks and uncertainties which include, among others, the
risk that expected growth will not be achieved, the integration of the companies
will divert management attention and may not be achieved at all, any expected
accretion in earnings will not materialize, expected synergies may not be
realized and employees may choose not to continue with the combined company.
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