Source Pravda.Ru

Comtech Telecommunications signs merger agreement with Radyne Corp

Comtech Telecommunications Corp, a developer and producer of innovate products, systems and services for advanced communications solutions, has signed a merger agreement with Radyne Corp., the world's leading supplier of satellite communications ground equipment.

The transaction is worth of $223.6 million, or about $11.50 a share.

Under the terms of the agreement, unanimously approved by both companies, Comtech will make a first step cash tender offer at $11.50 per share, which represents a premium of approximately 33% over Radyne's average closing price over the last ninety trading days. Once the first step cash tender offer is completed, it will be followed by a merger at the same price. The acquisition has a transaction equity value of approximately $223.6 million and an enterprise value of $195.0 million.

The merger will result in the closing of Radyne's manufacturing facility and elimination of some positions, Radyne's satellite Earth station business will be integrated into Comtech's EF Data facility in Tempe. The corporate headquarters will be in Melville. Its combined sales will constitute about $651.5 million.

"This strategic combination makes sense for both companies, and I firmly believe it is the right step at the right time for all of Radyne's stakeholders," said Myron Wagner, CEO of Radyne. "Our shareholders will benefit from a significant premium to Radyne's stock price, our customers will benefit from greater resources and product offerings, and our employees will benefit from being part of a larger, more diversified company. I look forward to working with Comtech's management team during the integration period."

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