EMS Technologies eyes possible sale
Atlanta Business Chronicle
Date: Tuesday, April 19, 2011, 10:14am EDT - Last Modified: Tuesday, April 19, 2011, 10:24am EDT
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EMS Technologies Inc. is investigating selling itself after getting inquiries from potentially interested parties.
The Norcross, Ga.-based designer, maker and marketer of advanced wireless communications products for commercial, defense and government markets said it will start a formal process to explore strategic alternatives. Its board of directors will evaluate the existing inquiries and seek proposals from other potentially interested parties.
Due to the development, EMS Technologies has postponed its annual shareholders meeting until June 30.
EMS Technologies Chairman Jack Mowell:
"As we've previously stated, our board of directors is committed to enhancing value for our shareholders and regularly reviews EMS’ strategic position and alternatives available to the company. While we continue to believe that the successful execution of EMS’ strategic plan is creating significant value for our shareholders, given the level of interest recently shown in the company, the board believes it should establish a process to evaluate proposals from potentially interested parties.”
BofA Merrill Lynch is EMS Technologies’ financial adviser and King & Spalding LLP and Kirkland & Ellis LLP are its legal advisers.
EMS Technologies (NASDAQ: ELMG) turned to a $14 million profit in 2010, the same year its second-largest shareholder, MMI Investments LP, called for EMS Technologies to put itself up for sale, saying "investors who have trusted EMS with their capital have been punished consistently over many years" and that EMS continues to be highly undervalued. The company rejected MMI's suggestion.
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