The sale of US satcoms components makerĀ Anaren to private equity firm Veritas Capital is set to close on Friday after getting the nod from shareholders.
Around 99% of the shareholders that voted, representing roughly 86% of all those outstanding, were…
The sale of US satcoms components makerĀ Anaren to private equity firm Veritas Capital is set to close on Friday after getting the nod from shareholders.
Around 99% of the shareholders that voted, representing roughly 86% of all those outstanding, were in favour of the US$381m cash deal.
The vote came shortly after Anaren reached a settlement deal with some shareholders that had launched legal complaints over how the sale process was run. Its directors faced claims of breaching their fiduciary duties to shareholders by agreeing to an allegedly inadequate merger consideration, among other issues.
But a settlement was reached on 28 January and submitted for court approval.
The US$28 per share sale was originally announced in November 2013 following months of pressure on the board to consider its options from Anarenās major shareholders, including Chicago-based PE firm Discovery Group.
Veritasā offer came after Vintage Capital, Anarenās largest shareholder with a stake of around 13% last year, submitted a US$23 per share offer that was rejected by the company.
Anaren is advised by Houlihan Lokey and Moelis.
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