Hytera Communications ups Norsat bid to US $11.25 for US $67M

Norsat International Inc. (TSX: NII; NYSE MKT: NSAT), a provider of unique and customized communication solutions for remote and challenging applications, has agreed to an amended offer from Hytera Communications Co., Ltd. (SHE: 002583)

The amended offer is to acquire Norsat for cash consideration of US $11.25 per share, to increase both the Norsat and Hytera termination fees from US $2.0 million to US $2.5 million, respectively, and the removal of the condition that permitted Hytera to not close the transaction in the event that greater than 20% of Norsat Shareholders exercised their Dissent Rights.

The new offer values Norsat at an equity value of approximately US $67 million.

The Independent Directors have determined that based on the amended offer from Hytera, the Privet 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 an amendment of the Arrangement Agreement and implement the amended offer.

On March 27, 2017, Norsat agreed to be acquired by Hytera Project Corp., a subsidiary of Hytera Communications Co. for US $10.25 per share in cash, valuing Norsat at an equity value of approximately US $62 million.

Founded in 1993, Shenzhen, China based Hytera Communications is a leading solution provider of Professional Mobile Radio communications. The company offers complete and customized communication solutions to government, public security, utility, transportation, enterprise & business for higher organizational efficiency.

UPDATED:
Privet re-launches US $11.00 non-binding LOI to acquire Norsat
Hytera to acquire Norsat for US $62M

photo credit: Hytera

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.