Andrew Says No to ADC, CommScope8/10/2006 5:42 AM Eastern
RF systems and solutions provider Andrew will remain on its own.
The company reached a mutual agreement with merger partner ADC Telecommunications to terminate their $1.6 billion stock merger, announced in May, citing a lack of shareholder support.
Andrew also rejected an unsolicited bid from CommScope (www.multichannel.com/article/CA6360144.html), calling its $1.51 billion cash offer "wholly inadequate."
CommScope reacted to Andrew’s decision with a prepared statement: “We are disappointed that Andrew has decided to reject our proposal. CommScope's operational excellence and financial discipline has made us a global leader in the 'last mile' of telecommunications. We intend to continue building upon our leadership position, and we are confident that CommScope is poised to continue creating value for its stockholders.”