Norsat Notifies Hytera of Superior Offer
Thursday, May 18, 2017 | Comments

Norsat International said it notified Hytera Communications that it received a superior offer to Hytera’s offer from Privet Fund Management to acquire the company.

In March, Norsat reached an agreement under which Hytera would have acquired all issued and outstanding shares of Norsat for $10.25 per share, a value of about $62 million. Shortly after, Privet , which had already expressed interest in acquiring Norsat, submitted an offer to acquire Norsat for $11 per share.

After reviewing Privet’s offer, Norsat determined that it was a superior offer and delivered written notice to Hytera. Hytera has five business days to offer to amend the terms of its agreement.

Hytera is under no obligation to make such an offer, but if Hytera amends the agreement and the board determines that the proposal of Privet ceases to be a superior proposal, Norsat will implement the Hytera offer. If Hytera does not offer to amend the agreement or offers to amend but the Privet proposal remains a superior proposal, Norsat intends to accept the Privet proposal and enter into a definitive agreement. If Norsat terminate the agreement, it will pay Hytera a termination fee of $2 million, in accordance with the terms of the arrangement agreement.

Would you like to comment on this story? Find our comments system below.

Post a comment
Name: *
Email: *
Title: *
Comment: *


No Comments Submitted Yet

Be the first by using the form above to submit a comment!

Site Navigation