Alexandria, Virginia-based Metrocall Inc and A+ Network Inc have signed a definitive merger agreement under which A+ Network would merge into Metrocall in a two-step deal. Wireless messaging company Metrocall, will begin a tender offer for about 2.1m A+ Network shares at $21.10 per share and will buy about 2.2m shares from some A+ Network shareholders. Metrocall would then own about 40% of A+ Network’s shares out. The tender offer is expected to be completed in June and the merger completed during the fourth quarter of this year, the companies said. Metrocall said it expects to finance the tender offer and share purchases through its existing cash on hand and borrowings under its bank credit facilities. It will also assume A+ Network’s 11.875% senior subordinated debentures.
