Broadband wireless and wireline communications component maker Anadigics Inc of Warren, NJ, USA says that affiliates of GaAs Labs LLC has raised its offer to acquire the firm from $0.35 per share in cash (announced on 11 November) to $0.48 per share. This matches the per-share price offered by the competing bidder (announced on 16 December) that Anadigics' board of directors had designated a 'Superior Offer' (as defined in the GaAs Labs merger agreement).
On 22 December, while the board was considering GaAs Labs' proposed amended offer, Anadigics received a proposed amendment to the competing bidder's offer that increases the per-share price to $0.54. Anadigics' board, after consultation with its financial and legal advisors, has now unanimously determined that the amended acquisition proposal from the competing bidder constitutes a Superior Offer to GaAs Labs' amended offer.
In accordance with the terms of the GaAs Labs merger agreement, Anadigics has notified GaAs Labs of the amended competing acquisition proposal, and that it has two business days to deliver a proposal that would cause the amended competing acquisition proposal to no longer constitute a Superior Offer under the agreement.
