Norsat announces amended offer from Hytera Communications
Norsat announced that the Special Committee comprising all of the Independent Directors of the Board of Directors, in consultation with the Company's legal and financial advisors, have received, reviewed and considered an offer from Hytera to amend the terms of the existing Amended Arrangement Agreement. The amended offer is to acquire the Company for cash consideration of $11.50 per share and to increase both the Norsat and Hytera termination fees from $2.5M to $3M, respectively. The Independent Directors have determined that based on the amended offer from Hytera, the Privet Subsequent Acquisition Proposal ceases to be a Superior Proposal, and subject to obtaining approval from the Industrial Technologies Office representing the Strategic Aerospace and Defence Initiative program will enter into a further amendment of the Amended Arrangement Agreement and implement the amended offer. At this time, there can be no assurance that the amended offer will lead to the execution of a further amendment of the amended arrangement agreement with Hytera, or that the transaction contemplated by Hytera will obtain all necessary approvals or be consummated.