'25-Day Go-Shop' for ANAD produced results from interested buyers and subsequent higher counter-offers...,
(EZCH had a '30-Day Go-Shop', and...,)
nasdaq.com
December 24, 2015, 11:10:00 AM EDT By Zacks Equity Research
Continuing with the offer and counter offer spectacle, Anadigics, Inc.
ANAD announced the receipt of a proposed amendment to a buyout proposal from an undisclosed third-party firm that increases the per share offer price to 54 cents.
The counter offer was made by the concerned firm after GaAs Labs, LLC raised its offer price for semiconductor maker Anadigicsfrom its previous 35 cents per share to 48 cents a share. GaAs Labs' amended offer comes more than a month after Anadigics announced the buyout offer by privately-owned RF chipmaker GaAs Labs. The two companies inked a definitive merger agreement, under which GaAs Labs offered to acquire Anadigics for 35 cents per share, representing a premium of 38.2% based on the closing price as on Nov 11, 2015. However, the offer price was roughly 56% below where Anadigics started the year.
Under the terms of the agreement, Anadigics had a 25-day go-shop period during which it could solicit superior proposals. The chipmaker confirmed that there was acquisition interest that could translate into proposals with better terms than what GaAs Labs offered.
On Dec 16, Anadigics said it had received an offer from an undisclosed third-party firm to acquire all its outstanding shares for 48 cents a share. Consequently, GaAs Labs raised its offer price to match the offer by the competing bidder.
On Dec 22, Anadigics received yet another superior buyout offer of 54 cents from the competing bidder. Per the terms of their merger agreement, GaAs Labs has two business days to match or exceed the competing bidder's latest offer. |
