On December 15, 2015, ANADIGICS announced that its Board of Directors, has decided to not accept the acquisiton offer from GaAs Labs and in turn accept a better offer of $0.48 per share valuing the company at over $40 Million. The previous offer from GaAs labs valued the business at $32 Million.
In accordance with the terms of the Merger Agreement, ANADIGICS notified GaAs Labs of the ANADIGICS Board of Directors’s determination and intention to effect a change of recommendation and to terminate the Merger Agreement. This notice commenced a five business day period that will expire on December 22, 2015, during which ANADIGICS may not change its Board’s recommendation nor terminate the Merger Agreement and GaAs Labs has the right to make proposals to ANADIGICS.
There can be no assurance that a transaction with the third party will be consummated or that GaAs Labs will propose any adjustments to the Merger Agreement. The ANADIGICS Board has not changed its recommendation with respect to the GaAs Labs transaction, nor has it made any recommendation with respect to the third party’s proposal.
They have not specified the details as to who the buyer is at this time. We will update you once this has been announced.
