This is equal to $15.99 per share based on Andrew’s closing price of $9.01 on Nasdaq on February 14, and represents a 21% premium over Allen’s closing price of $13.23 on the New York Stock Exchange on the same day. Andrew shareholders will own roughly 64%, and Allen shareholders will own approximately 36%.
Completion of the transaction is expected to occur in the first half of this year, and is subject to approval of shareholders of both companies, expiration of the applicable waiting period and other customary closing conditions.
Beachwood, Ohio-based Allen Telecom employs 2,000 people and has a strong presence in the area of filters, cellular network equipment, and in-building wireless systems, as well as satellite location technology. Revenue for full-year 2002 increased 5.7% to $417m, compared to 2001 sales of $394.6m.
The combined company will have nearly 7,000 employees and annual pro forma revenue of approximately $1.3bn and annual R&D spending of $90m. Allen’s chairman, Philip Colburn, and CEO, Robert Paul, will join Andrew’s board of directors.
Source: Computerwire
