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NSAT

Norsat

$11.18

0.025 (0.22%)

07:40
06/12/17
06/12
07:40
06/12/17
07:40

Privet Fund sends revised proposal to acquire Norsat for $11.50 per share

Privet Fund Management announced that Privet sent a letter to the board of directors of Norsat International containing a revised proposal to acquire 100% of the common shares of Norsat not already owned by Privet and its affiliates at a price of $11.50 per share in cash pursuant to a plan of arrangement. This consideration is greater than the $11.25 per share in consideration offered by Hytera Communications in Hytera's arrangement agreement with Norsat. Privet is confident that this revised proposal constitutes a "Superior Proposal" as defined in the Hytera Agreement. Privet will provide all of the equity capital necessary for the proposal and has received amending letters to the debt commitment letters previously provided to finance a portion of the consideration. Privet anticipates that the required regulatory approvals would not materially impact the timing or certainty of the transaction. Furthermore, given Privet's substantial existing ownership, Privet is highly confident that shareholder approval of the proposal will be readily obtained. The proposal is non-binding and is subject to the negotiation and execution of a mutually acceptable definitive acquisition agreement between Privet and Norsat. Privet is prepared to execute a definitive arrangement agreement, which includes terms and conditions substantially similar to those in the Hytera Agreement, should the board of directors of Norsat determine that Privet's proposal constitutes a "Superior Proposal" as defined in the Hytera Agreement. Privet and its affiliates continue to maintain ownership and control of 1,027,170 common shares of Norsat, representing approximately 17.6% of the outstanding common shares .

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NVTA

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MU

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Akari Therapeutics

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ATW

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$6.26

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, ESV

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NSRGY

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