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A total of 36,390,826 shares were validly tendered during the initial offering period and subsequent offering period, representing approximately 87.38% of the company's outstanding shares.
Apollo now intends to acquire all residual shares through a merger under Delaware law which would not need a vote by other Parallel shareholders. Each share not yet purchased by Apollo will be converted into the right to receive the same price per share paid in the tender offer.
When the merger is completed Parallel will cease trading on the NASDAQ Global Select Market.
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