Adtran Inc.

-0.17 (-0.97%)
Mergers / Acquisitions

ADVA And ADTRAN Sign Agreement On Business Combination And Public Exchange Offer

Published: 08/30/2021 12:15 GMT
Adtran Inc. (ADTN) - Adva Optical Networking Se and Adtran, Inc., Sign Agreement on Business Combination and Public Exchange Offer.
Each Adva Share Will Be Exchanged for 0.8244 Holdco Shares, Valuing Adva at EUR 17.17 per Share Based on Adtran's Closing Share Price of USD 24.57.
Says Under Terms of Offer, Each Adva Share Will Be Exchanged for 0.8244 Holdco Shares.
Says Adtran Shares Will Be Exchanged for Shares in New Holding Company on a One-for-one Basis.
Offer Represents an Equity Value of EUR 789 Mln, and an Enterprise Value of EUR 759 Mln.
Says After Business Combination, Former Adva Shareholders Would Own Approximately 46% of Combined Company's Equity and Former Adtran Shareholders Approximately 54%.
Closing of Transaction is Expected to Occur During Second Or Q3 of 2022.
Members of Adva's Management and Supervisory Boards Welcome Offer.