Trimble Announces Its Intent to Acquire Punch Telematix NV, a Belgian Transportation Management Solutions Provider

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Apr 27, 2010, 06:30 ET

SUNNYVALE, Calif., April 27 /PRNewswire-FirstCall/ -- Trimble Navigation Limited ("Trimble") (Nasdaq: TRMB) announced today, pursuant to Article 8, Section 1, of the Belgian Royal Decree of April 27, 2007 relating to public takeover offers, its intent to launch a voluntary conditional takeover offer (the "Offer") in order to acquire 100 percent of the shares in Punch Telematix NV ("Punch Telematix") (i.e. 4,282,901 ordinary shares) at EUR 3.15 (approximately US$4.21 as of April 26, 2010) per share in cash.

This Offer is subject to the following main conditions, which Trimble shall be free to waive, altogether or separately, at its discretion:

(i)	the Offer reaches an acceptance level of 95 percent of the shares tendered at the end of the acceptance period; and
(ii)	no material adverse changes occur through the end of the acceptance period (as the period may be extended); and
(iii)	the business of Punch Telematix is carried on in its normal course as a going concern through the end of the acceptance period (as the period may be extended).

Punch International NV, Punch Telematix's largest shareholder, holds approximately 65 percent (or ca. 2,773,917 shares) of the total shares outstanding of Punch Telematix and has made a binding commitment to tender its shares in Punch Telematix to the Offer.

Trimble is currently finalizing its bid notice and application file for the Belgian Banking, Finance and Insurance Commission ("CBFA") and intends to be in a position to submit it for approval by the CBFA in the coming days.

This press release does not constitute, or purport to effect, in or by itself, a sale of securities or a transfer of securities or an offer, a solicitation of an offer or a tender or exchange offer, public or otherwise, in Belgium or anywhere else.

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location -- including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, California, U.S.

For more information, visit: www.trimble.com

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SOURCE Trimble