Aeroflex Announces Agreement to Be Acquired by General Atlantic and Francisco Partners
03 3월 2007 - 8:58AM
Business Wire
Aeroflex Incorporated (Nasdaq: ARXX) announced today that it has
entered into an agreement to be acquired by General Atlantic and
Francisco Partners in a transaction valued at approximately $1.0
billion. Aeroflex stockholders would receive $13.50 per share in
cash, which represents a 22.6% premium over the closing share price
on March 2, 2007. �Following an extensive review of the proposed
transaction, our Board unanimously concluded that the offer from
General Atlantic and Francisco Partners is in the best interests of
Aeroflex�s stockholders, employees and customers,� commented Len
Borow, Aeroflex�s President and Chief Operating Officer. �We
believe that the transaction price provides stockholders with
significant value. Furthermore, the long-term capital, expertise
and resources that General Atlantic and Francisco Partners bring
will enhance the successful implementation of our strategic plans
and continued support of our customers� objectives,� Mr. Borow
added. �We are pleased to be partnering with Aeroflex, a global
provider of high technology test, measurement and microelectronic
products with deep expertise in dynamic, complex industries,� said
Philip Trahanas, Managing Director at General Atlantic. �We look
forward to working closely with the Aeroflex management team to
build on the Company�s leadership position and successful track
record of delivering on the evolving demands of its diverse
customer base.� �We are excited about the opportunity to work with
Aeroflex," commented Dipanjan Deb, Co-founder and Managing Partner
of Francisco Partners. �Aeroflex is an industry leader with a
strong platform and a track record of delivering innovative
products and quality service to its customers. We are committed to
working with the Company and the management team to help further
its vision and execute on the long-term strategy for the business.�
The agreement contains a provision under which Aeroflex may solicit
alternative proposals from third parties through April 18, 2007. If
the Company accepts a superior proposal, a break-up fee would be
payable by the Company. There can be no assurance that any superior
proposal will be forthcoming. Aeroflex does not expect to disclose
developments with respect to this solicitation process unless and
until its Board of Directors has made a decision. The closing of
the transaction is subject to the approval of the Aeroflex
stockholders and other customary conditions. Bear, Stearns &
Co. Inc. served as Aeroflex�s financial advisor in connection with
the transaction. Banc of America Securities LLC was also retained
to provide certain additional financial advisory services to the
Aeroflex Board in connection with the transaction. Skadden, Arps,
Slate, Meagher & Flom LLP served as the Company's legal
counsel. JP Morgan and Lehman Brothers Inc. are providing financing
for the transaction. JP Morgan, Lehman Brothers Inc. and Deutsche
Bank Securities Inc. acted as financial advisors for General
Atlantic and Francisco Partners. Paul, Weiss, Rifkind, Wharton
& Garrison LLP served as legal counsel to General Atlantic and
Francisco Partners. Aeroflex will file a Form 8-K with the U.S.
Securities and Exchange Commission (the "SEC") with further details
concerning this transaction. About Aeroflex Aeroflex Incorporated
(Nasdaq: ARXX) is a global provider of high technology solutions to
the aerospace, defense, cellular and broadband communications
markets. The Company�s diverse technologies allow it to design,
develop, manufacture and market a broad range of test, measurement
and microelectronic products. The Company�s common stock trades on
the Nasdaq National Market System under the symbol ARXX and is
included in the S&P SmallCap 600 index. Additional information
concerning Aeroflex Incorporated can be found on the Company�s Web
site: www.aeroflex.com . About General Atlantic General Atlantic
LLC is a leading global private equity firm providing capital for
growth companies driven by information technology or intellectual
property. The firm was founded in 1980 and has approximately $12
billion of capital under management. General Atlantic has invested
in over 160 companies, with current holdings in 50 portfolio
companies of which about one-half are based outside the United
States. The firm is distinguished within the investment community
by its global strategy and worldwide presence, its commitment to
provide sustained value-added assistance for its portfolio
companies and its long-term approach. General Atlantic has over 70
global investment professionals among its 150 employees worldwide
with offices in Greenwich, New York, Palo Alto, London, D�sseldorf,
Hong Kong and Mumbai. General Atlantic�s notable recent investments
include Lenovo, NYSE Group, NYMEX, Computershare, Genpact, Emdeon
Business Services, Digital China, Net1 PowerDsine, SRA
International, Amax, Vimicro, and Xchanging. For further
information and a listing of GA�s public and private portfolio
companies, see www.generalatlantic.com. About Francisco Partners
With approximately $5 billion of committed capital, Francisco
Partners is one of the world�s largest technology-focused private
equity funds. The firm was founded to pursue structured investments
in technology companies and targets investments in private
companies, public companies, and divisions of public companies,
with transaction values ranging from $30 million to $2.0 billion.
The principals of Francisco Partners have a proven track record,
having invested in more than 50 technology companies. Successful
past semiconductor and hardware investments executed by the
principals of Francisco Partners include, among others, AMI
Semiconductor, Alcatel�s Mixed Signal Business, SMART Modular,
Ultra Clean Technology, ON Semiconductor, GlobeSpan, C-MAC
Microtechnology, and MagnaChip Semiconductor. For additional
information, visit www.franciscopartners.com. Forward Looking
Statements This release contains forward-looking statements, which
are subject to various risks and uncertainties. Discussion of risks
and uncertainties that could cause actual results to differ
materially from management�s current projections, forecasts,
estimates and expectations is contained in the Aeroflex's filings
with the SEC. Specifically, Aeroflex makes reference to the section
entitled �Risk Factors� in its annual and quarterly reports. In
addition to the risks and uncertainties set forth in Aeroflex's SEC
reports or periodic reports, the proposed transactions described in
this release could be affected by, among other things, the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; the outcome
of any legal proceedings that may be instituted against Aeroflex
and others related to the merger agreement; failure to obtain
stockholder approval or any other failure to satisfy other
conditions required to complete the merger, including required
regulatory approvals; risks that the proposed transaction disrupts
current plans and operations and the potential difficulties in
employee retention as a result of the merger; the amount of the
costs, fees, expenses and charges related to the merger and the
execution of certain financings that will be obtained to consummate
the merger; and the impact of the substantial indebtedness incurred
to finance the consummation of the merger. Additional Information
and Where to Find It In connection with the proposed merger,
Aeroflex will prepare a proxy statement to be filed with the SEC.
When completed, a definitive proxy statement and a form of proxy
will be mailed to the stockholders of Aeroflex. BEFORE MAKING ANY
VOTING DECISION, AEROFLEX�s STOCKHOLDERS ARE URGED TO READ THE
PROXY STATEMENT REGARDING THE MERGER CAREFULLY AND IN ITS ENTIRETY
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER. Aeroflex�s stockholders will be able to obtain, without
charge, a copy of the proxy statement (when available) and other
relevant documents filed with the SEC from the SEC�s website at
http://www.sec.gov. Aeroflex�s stockholders will also be able to
obtain, without charge, a copy of the proxy statement and other
relevant documents (when available) by directing a request by mail
or telephone to Corporate Secretary, Aeroflex Incorporated, 35
South Service Road, Plainview, New York 11803, telephone: (516)
694-6700, or from Aeroflex�s website, http://www.aeroflex.com.
Participants in the Solicitation Aeroflex and its directors and
officers may be deemed to be participants in the solicitation of
proxies from Aeroflex�s stockholders with respect to the merger.
Information about Aeroflex�s directors and executive officers and
their ownership of Aeroflex�s common stock is set forth in the
proxy statement for Aeroflex's 2006 Annual Meeting of Stockholders,
which was filed with the SEC on October 5, 2006. Stockholders may
obtain additional information regarding the interests of Aeroflex
and its directors and executive officers in the merger, which may
be different than those of Aeroflex�s stockholders generally, by
reading the proxy statement and other relevant documents regarding
the merger, when filed with the SEC.
Aeroflex (NASDAQ:ARXX)
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