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NSAT

Norsat

$11.18

0.025 (0.22%)

08:17
06/12/17
06/12
08:17
06/12/17
08:17

Norsat confirms unsolicited proposal from Privet Fund for $11.50 per share

Norsat announced it has received an updated unsolicited, proposal from Privet Fund Management to acquire the company for cash consideration of $11.50 per share. The Privet Subsequent Acquisition Proposal is not subject to any due diligence or financing conditions. Privet has indicated that it is prepared to sign a definitive agreement on non-financial terms and conditions substantially identical to the existing arrangement and amending agreement with Hytera. As Privet has previously been the subject of a Superior Proposal Notice and has now subsequently made an amendment to its previous proposal, the Special Committee comprising all of the Independent Directors of the Board of Directors, in consultation with the Company's legal and financial advisors, will make a determination as to whether the Privet Subsequent Acquisition Proposal is a Superior Proposal within three business days of its receipt. If, after completing the review, the Independent Directors determine that the offer by Privet is a Superior Proposal, they will notify Hytera of that determination. Hytera will then have a period of five business days to offer to further amend the terms of the Amended Arrangement Agreement. Hytera is under no obligation to make such an offer, but if they offer to further amend the Amended Arrangement Agreement and the Independent Directors determine that the proposal of Privet ceases to be a Superior Proposal, Norsat will enter into a further amendment of the Amended Arrangement Agreement and implement the amended offer. If, after the Independent Directors determine the Privet offer is a Superior Proposal, Hytera does not offer to further amend the Amended Arrangement Agreement, or offers to amend but the Privet Subsequent Acquisition Proposal remains a Superior Proposal, Norsat intends to accept the Privet Subsequent Acquisition Proposal, terminate the Amended Arrangement Agreement and pay Hytera the termination fee of $2.5M, all in accordance with the terms of the Amended Arrangement Agreement. However, a definitive agreement with Privet can only be executed by Norsat after approval from the Industrial Technologies Office representing the Strategic Aerospace and Defence Initiative program. Further, any transaction with Privet would be subject to approvals from and including but not limited to shareholders of Norsat, under the Investment Canada Act and Controlled Goods Directorate. By comparison the proposed transaction Hytera has obtained the approval of the Industrial Technologies Office and is not subject to any further reviews under the Investment Canada Act. At this time, there can be no assurance that the Privet Subsequent Acquisition Proposal will lead to the termination of the Amended Arrangement Agreement and the execution of a definitive agreement with Privet, or that the transaction contemplated by Privet will obtain all necessary approvals or be consummated

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NVO

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GOOG

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SRUN

Silver Run

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HEI

Heico

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GPRK

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MEDP

Medpace

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TOUR

Tuniu

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GLDD

Great Lakes Dredge

$3.85

-0.15 (-3.75%)

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TISI

Team

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Team director Lois Waters purchases 17,500 shares of company stock »

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NTAP

NetApp

$42.41

0.44 (1.05%)

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NTAP

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NTAP

NetApp

$42.42

0.44 (1.05%)

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SFST

Southern First Bancshares

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BXE

Bellatrix Exploration

$2.40

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NTAP

NetApp

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ACHN

Achillion

$4.88

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BCOR

Blucora

$23.35

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BGG

Briggs & Stratton

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LB

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VIPS

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SPTN

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SNPS

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CSCO

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LAKE

Lakeland Industries

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GCP

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FNGN

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ANDX

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$46.94

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, WNRL

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Upgrade
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ANDX

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GD

General Dynamics

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1.12 (0.56%)

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General Dynamics awarded $115.3M government contract modification »

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BLVD

Boulevard Acquisition

$10.04

-0.01 (-0.10%)

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FMBH

First Mid-Illinois Bancshares

$34.85

-0.33 (-0.94%)

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Syndicate
First Mid-Illinois Bancshares files to sell $20M of common stock 'at-the-market' »

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NCOM

National Commerce

$39.55

0.1 (0.25%)

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National Commerce, FirstAtlantic Financial sign definitive merger agreement »

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AMGN

Amgen

$171.39

1.35 (0.79%)

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