Anaren has rejected its largest shareholder’s bid to take over the US satcoms components maker as it pledged to continue to review strategic options.
The company said the unsolicited non-binding US$23 per share offer by Vintage Capital, which already…
Anaren has rejected its largest shareholder’s bid to take over the US satcoms components maker as it pledged to continue to review strategic options.
The company said the unsolicited non-binding US$23 per share offer by Vintage Capital, which already has a stake of around 13%, was “inadequate” and failed to reflect its intrinsic value.
The offer valued Anaren at US$300m and represented a 14% premium to the stock’s previous closing price. It was also a premium to any monthly or weekly closing price since 2001.
Vintage submitted its bid just a week after another shareholder, private equity firm Discovery Group with a 6% stake, criticised Anaren’s board for not engaging with the “multiple parties” it said were interested in acquiring it.
Michael Murphy, Discovery’s managing partner, had said a sale to a strategic buyer could achieve a value in the US$26-US$30 per share range.
After rejecting Vintage’s offer, Anaren vowed to continue reviewing strategic alternatives, including a possible sale.
John Smucker, chair of the independent committee of directors that Anaren set up after receiving the bid in April, said: “Anaren’s management and board are committed to maximising long-term value for all stockholders, and to maintaining an ongoing, constructive dialogue with our stockholders.”
The independent committee is being financially advised by Moelis & Company and Houlihan Lokey. Dorsey & Whitney and Bond, Schoeneck & King are its legal advisers.
New York-based Anaren provides integrated microwave component assemblies and subsystems for the satcoms, wireless communications, and defence electronics markets. Its products are sold to space companies including Boeing Satellite, ITT, Lockheed Martin, Northrop Grumman, and Raytheon.