On November 11, 2015, ANADIGICS entered into an agreement and plan of merger pursuant to which affiliates of GaAs Labs would acquire all of the outstanding shares of ANADIGICS common stock on a fully diluted basis for $0.35 per share net in cash ($32 Million), pursuant to an all cash tender offer and second step merger. Under the terms of the GaAs Labs Merger Agreement, ANADIGICS was permitted to solicit alternative Acquisition Proposals from third parties during a “Go-Shop Period," which ended at 11:59 p.m. New York City time on December 6, 2015.
ANADIGICS today announced that its efforts during the "Go-Shop Period" have elicited Acquisition Proposals, which the Board of Directors of the Company has determined are likely to lead to an offer superior to that reflected in the GaAs Labs Merger Agreement. They will therefore continue to negotiate with each of these parties in accordance with the terms of the GaAs Labs Merger Agreement. Subject to the terms of the GaAs Labs Merger Agreement, ANADIGICS has the right to terminate that Agreement in order to accept a Superior Offer. There can be no assurance that any of the Acquisition Proposals received during the "Go-Shop Period" will in fact lead ultimately to a Superior Offer.
