Under the terms of the merger agreement, Carlyle will acquire all of the outstanding shares of CommScope common stock for $31.50 per share in cash, representing a premium of 36 per cent over CommScope's closing stock price last Friday, the companies said in a statement.
"Our board of directors unanimously approved this transaction with Carlyle, which has a strong reputation and global network, and a proven record of success in acquiring and guiding companies like CommScope," said Commscope chairman and chief executive Frank Drendel.
CommScope's shares rose nearly four per cent following the acquisition announcement.
The deal requires the approval of CommScope’s stockholders and regulatory authorities.
CommScope will be allowed to weigh superior proposals from third parties until December 5, according to the agreement.
Source AFP
