Andrew Corp. has thrown two glasses of cold water today, each on takeover bids: One on ADC's $2 billion all-stock offer and the other on CommScope's rather haughty $1.7 billion all-cash offer. The merger with ADC had already gone through some preliminary steps, so the termination agreement, which results in no liability for either entity, will see Andrew paying ADC $10 million with another potential $65 million payment to follow, should the news aversely effect "a business combination transaction within 12 months." Following the canceled merger news, Andrew's shares lost 8 percent of their value.
For more on Andrew Corp.'s rejections:
- see this press release [1]
Related Articles:
ADC, Andrew announce $2 billion merger Article [2]
CommScope offers more than $1.5 billion in cash for Andrew Article [3]
Links:
[1] http://carolinanewswire.com/news/News.cgi?database=topstories.db&command=viewone&id=4475&op=t
[2] http://fiercewireless.com/story/adc-andrew-announce-2b-merger/2006-05-31
[3] http://fiercewireless.com/story/spotlight-commscope-offers-1-5b-for-andrew-corp/2006-08-08