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