Temescal

Semigas

CLICK HERE: free registration for Semiconductor Today and Semiconductor Today ASIACLICK HERE: free registration for Semiconductor Today and Semiconductor Today ASIA

Join our LinkedIn group!

Follow ST on Twitter

IQE

29 December 2015

GaAs Labs announces extension of tender offer for Anadigics

GaAs Labs LLC says that the period of its tender offer to acquire broadband wireless and wireline communications component maker Anadigics Inc of Warren, NJ, USA (announced on 11 November) has been extended from an expiry date of 11:59pm (New York City time) on 23 December to 11:59pm on 8 January 2016 (unless further extended).

GaAs Labs LLC had raised its offer to acquire the firm from $0.35 per share in cash (announced on 11 November) to $0.48 per share. This matched the per-share price offered by a competing bidder (announced on 16 December) that Anadigics' board of directors had designated a 'Superior Offer' (as defined in the GaAs Labs merger agreement).

On 22 December, while the board was considering GaAs Labs' proposed amended offer, Anadigics received a proposed amendment to the competing bidder's offer that increased the per-share price to $0.54. Anadigics' board, after consultation with its financial and legal advisors, then unanimously determined that the amended acquisition proposal from the competing bidder constituted a Superior Offer to GaAs Labs' amended offer.

In accordance with the terms of the GaAs Labs merger agreement, Anadigics notified GaAs Labs of the amended competing acquisition proposal, and that it had two business days to deliver a proposal that would cause the amended competing acquisition proposal to no longer constitute a Superior Offer under the agreement.
On 24 December, Anadigics said that it had received a revised offer, and that its board would evaluate the offer (which was due to expire on 31 December) along with the amended acquisition proposal from the competing bidder (that had been determined by the board to be a Superior Offer).

Computershare Trust Company, N.A. (the depositary for the tender offer) has now advised that, as of 5pm (New York City time) on 23 December, 3,218,686 shares of common stock of Anadigics have been tendered pursuant to the tender offer, which represented about 3.6% of the outstanding shares. Stockholders who have already tendered their shares of common stock of Anadigics do not have to re-tender their shares or take any other action as a result of the extension of the expiration date of the tender offer.

See related items:

Anadigics receives 'superior offer' of $0.54 per share after GaAs Labs matches competing bidder's $0.48

Anadigics declares new acquisition offer of $0.48 per share superior to GaAs Labs

Anadigics receives alternative acquisition proposals following GaAs Labs deal

Anadigics agrees to be acquired by GaAs Labs for $32m

Tags: Anadigics Gaas Labs

Visit: www.anadigics.com

Visit: www.gaaslabs.net

Share/Save/Bookmark
See Latest IssueRSS Feed

AXT