ISS Recommends That Wireless Telecom Group Shareholders Vote in Favor of Proposed Acquisition of Willtek Communications GmbH
04 6월 2005 - 1:56AM
Business Wire
Wireless Telecom Group, Inc. (AMEX Symbol: WTT) announced today
Institutional Shareholder Services (ISS), the nation's leading
independent proxy advisory firm, has recommended that WTT
shareholders vote FOR WTT's proposed acquisition of Willtek
Communications GmbH and the issuance of 8,000,000 shares of WTT's
common stock to Willtek's shareholders in the acquisition at WTT's
2005 Annual Meeting of Shareholders to be held on June 24, 2005.
ISS is widely recognized as the leading independent proxy advisory
firm in the nation. Its recommendations are relied upon by hundreds
of major institutional investment firms, mutual funds and other
fiduciaries throughout the country. In recommending that WTT
shareholders vote in favor of the proposed transaction, ISS stated
in its June 2, 2005 report: "Based on our review of the terms of
the transaction...specifically the sensible strategic rationale and
potential synergies, we believe that the...agreement warrants
shareholder support...vote FOR Item 1."(a) As previously announced,
on March 29, 2005, WTT entered into an amended and restated stock
purchase agreement with Willtek, a leading German supplier of
testing solutions for emerging wireless services and cellular
networks, and each of Willtek's two shareholders, under which the
Willtek shareholders agreed to sell to WTT all of the outstanding
share capital of Willtek, in exchange for 8,000,000 newly issued
shares of WTT's common stock. Based on the number of shares of
WTT's common stock outstanding on the record date for the Annual
Meeting, immediately following completion of the acquisition, the
Willtek shareholders will own in the aggregate approximately 31.4%
of WTT's outstanding common stock. Based on the $2.50 closing price
of a share of WTT's common stock on June 2, 2005, the dollar value
of the acquisition consideration is approximately $20.0 million.
The actual dollar value of the acquisition consideration on the
closing date of the proposed acquisition may be more or less than
such amount. Approval of the acquisition and the issuance of WTT's
common stock in the acquisition is required before the transaction
can be completed. Approval of the transaction requires the
affirmative vote of a majority of the votes cast on the matter at
the Annual Meeting. If approved by WTT shareholders at the Annual
Meeting, the transaction is expected to be completed on July 1,
2005. As WTT noted in its definitive proxy statement that it
recently mailed to its shareholders, WTT's board of directors urges
all shareholders who have not already done so to vote FOR the
transaction by signing, dating and returning their proxy cards
TODAY, whether or not they plan to attend the Annual Meeting in
person. WTT shareholders who have questions or need assistance
voting their shares may call WTT's proxy solicitor, D.F. King &
Co., Inc., toll free at (800) 769-7666. In its report issued on
June 2, 2005, ISS also recommended that WTT shareholders vote to
approve the proposal that would give WTT the authority to adjourn
the Annual Meeting if there are not sufficient votes to approve the
transaction and related items. Wireless Telecom Group, Inc. is a
global provider of electronic noise generation equipment in the
telecommunications field. Boonton Electronics, a wholly owned
subsidiary, is a leader in the manufacture of test equipment
dedicated to measuring the power of RF and Microwave systems used
in multiple telecommunication markets. Microlab/FXR, a wholly owned
subsidiary, is a global provider of passive microwave components
including power splitters, directional couplers and filters. These
products are employed as system components in commercial
applications such as wireless base stations for cellular, paging
and private communications, in-building wireless signal
distribution, television transmitters and aircraft navigation
landing systems. Microlab/FXR products are also used in military
systems such as electronic countermeasures and missile guidance.
Except for historical information, the matters discussed in this
news release may be considered ``forward-looking'' statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include declarations regarding the intent,
belief or current expectations of the Company and its management.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve a
number of risks and uncertainties that could materially affect
actual results. Such risks and uncertainties are identified in the
Company's reports and registration statements filed with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2004 and Forms 10-Q for
2005. (a) Permission to use quotation neither sought nor obtained.
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