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Comtech once again extends tender offer for Radyne
By Lisa Kerner
Charlotte, N.C., July 14 - Comtech Telecommunications Corp.'s subsidiary, Comtech TA Corp., extended the expiration date of its $11.50-per-share tender offer for Radyne Corp. to 12:01 a.m. ET on Aug. 1 from midnight ET on July 15.
In addition, under the companies' amended merger agreement, Comtech will be required to purchase shares at the expiration date of the tender offer even if there has been a material adverse effect at Radyne in the period between July 11 and the end of the tender offer, a Comtech news release said.
All other terms and conditions of the tender offer remain the same.
As of June 11, 11,544,691 Radyne shares, or 61% of the shares subject to the offer, had been tendered, according to Comtech.
It was previously reported that Comtech TA extended the expiration date of the offer to July 15. As of June 20, it was reported that a total of 16,712,593 Radyne shares, or 88% of the shares subject to the offer, had been tendered.
In May, Radyne agreed to be acquired by Comtech in an all-cash transaction valued at $223.6 million.
Comtech is "working hand in hand with Radyne to complete the transaction by Aug. 1," Comtech president and chief executive Fred Kornberg said in a company news release.
Early termination of the Hart-Scott-Rodino waiting period has been granted, the release said.
Under the companies' amended merger agreement, Comtech will be required to purchase shares at the expiration date of the tender offer even if there has been a material adverse effect at Radyne in the period between July 11 and the end of the tender offer, it was noted in the release.
Radyne is a Phoenix communications products company.
Comtech, based in Melville, N.Y., is a communications solutions company operating in three segments: telecommunications transmission, mobile data communications and RF microwave amplifiers.
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