Item 8.01 Other Events.
As previously announced, during the fourth quarter of our 2008 fiscal year, our
board of directors approved a plan to divest our EMEA Professional Services
Business ("APS Germany"). Since that time the business has been classified as a
discontinued operation in our financial statements. On July 16, 2009, ADC GmbH,
our wholly-owned subsidiary and the sole shareholder of APS Germany, entered
into a share purchase and transfer agreement with telent Investments Limited, a
U.K. based associate of telent Limited. Under this agreement telent Investments
Limited agreed to purchase all of the outstanding shares of APS Germany. A
closing is expected to occur during August 2009, assuming customary consents and
approvals are obtained from third parties, including, but not limited to, a
required anti-trust approval from the German government. While the terms of the
transaction have not been disclosed, at this time, we expect to record a
non-cash net loss on the sale in the amount of approximately $5.0 million, or
approximately $0.05 per share.
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