CommScope Finalizes Terms for Andrew Acquisition
Andrew Shareholders Get $13.50 in Cash and $1.50 in CommScope Stock
By Steve Donohue -- Multichannel News, 12/25/2007 10:28:00 PM
Cable infrastructure vendor CommScope detailed the final terms for its acquisition of Andrew Corp.
For each share outstanding share of Andrew common stock, CommScope said it will pay Andrew shareholders $13.50 in cash and $1.50 in CommScope common stock.
CommScope announced an agreement worth $2.6 billion to acquire Andrew in June, after failing in 2006 to acquire Andrew in an unsolicited bid worth $1.5 billion.
CommScope manufactures coaxial cable and hybrid fiber coaxial applications deployed by cable TV operators.
The U.S. Department of Justice forced CommScope and Andrew to divest some assets before it would approve the Andrew deal.
Earlier this month, CommScope announced a settlement with the Justice Department that required Andrew to divest its 30% interest in Andes Industries in order to proceed with the acquisition.
CommScope said that it expects the merger to close on Thursday (Dec. 27).
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