Dynatech to buy Applied Digital Access for $80 mln
Wednesday September 8, 12:06 pm Eastern Time
NEW YORK, Sept 8 (Reuters) - Dynatech Corp (OTC BB:DYNA.OB - news), a maker
of communications test equipment, said Wednesday it would buy competitor Applied Digital
Access (Nasdaq:ADAX - news), which competes with Dynatech subsidiary TTC, for $80
million, or $5.37 a share.
Upon completion of the acquisition, Applied Digital would be combined with TTC, both of
which design systems and software to test communications networks.
''This acquisition reflects our long-term growth strategy to become the leading provider of network optimization solutions,'' said
John Peeler, president and chief executive officer of TTC.
''This was done in the best interest of our shareholders,'' said Jim Keefe, chief financial officer. ''TTC knows our business and
we think it will be a complementary fit.''
Dynatech is led by former International Business Machines Corp. (NYSE:IBM - news) Senior Vice President Ned Lautenbach
and financed by Clayton, Dubilier & Rice.
Dynatech shares were unchanged at 4 on the OTC Bulletin Board, while Applied Digital Access shares were up 1/16 of a point
to 5-3/16 on Nasdaq. |
