ANADIGICS has announced that it has received a revised buyout offer from an unnamed party, which will expire on December 31, 2015. The Company’s Board of Directors will evaluate this revised offer, along with the amended Acquisition Proposal from the Competing Bidder that was determined by the Company’s Board of Directors to be a “Superior Offer” as disclosed by the Company on December 23, 2015.
On Dec 16, Anadigics said it had received an offer from an undisclosed third-party firm to acquire all its outstanding shares for 48 cents a share. Consequently, GaAs Labs raised its offer price to match the offer by the competing bidder. On Dec 23, Anadigics announced yet another superior buyout offer of 54 cents from the competing bidder. Per the terms of their merger agreement, GaAs Labs had two business days to match or exceed the competing bidder’s latest offer.
With this increased acquisition interest, Anadigics shares have spiked 7.3% in the trading session following the announcement.
