31 December 2015

Anadigics receives 'superior offer' of $0.58 per share after GaAs Labs matches competing bidder's $0.54

Broadband wireless and wireline communications component maker Anadigics Inc of Warren, NJ, USA says that affiliates of GaAs Labs LLC - after raising their offer to acquire the firm from $0.35 per share in cash (announced on 11 November) to $0.48 per share (on 22 December) - on 29 December have raised their offer again, to $0.54 per share (as set forth in the proposed second amended GaAs Labs merger agreement).

This matches the $0.54 per-share price offered by a competing bidder that Anadigics' board of directors on 23 December designated a 'Superior Offer' (as defined in the GaAs Labs merger agreement of 11 November). The competing bidder had previously (on 16 December) trumped GaAs Labs' initial $0.35 per share bid by offering $0.48 per share, forcing GaAs Labs to match it.

However, the competing bidder on 29 December raised its offer from $0.54 to $0.58 per share. Anadigics' board, after consultation with its financial and legal advisors, has now unanimously determined that the proposed merger agreement constitutes a Superior Offer. 

In accordance with the terms of the GaAs Labs merger agreement, Anadigics has notified GaAs Labs of the competing bidder's proposed merger agreement, and that it has 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.

See related items:

GaAs Labs announces extension of tender offer for Anadigics

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