Adva Optical to enter into negotiations for domination agreement, shares hit over 20-year high

Adtran Networks SE

07/07/2022 09:49

** Shares in ADVA Optical  ADAG.DE  are up 4.4% after the
German telecommunications equipment maker said it would
negotiate a domination agreement with U.S. Adtran  ADTN.O ,
which is set to become its biggest shareholder
    ** This means that Adva shareholders who have not accepted
Adtran offer will be able to choose between a compensation
payment and a guaranteed dividend
    ** On Wednesday, Adva said the German Federal Ministry of
Economics had granted approval for the merger with Adtran
 urn:newsml:reuters.com:*:nASM000IC2
    ** Around 66% of Adva shareholders, including CEO Brian
Protiva, who would resign from his position after a transition
period of several weeks, had accepted Adtran offer
    ** Adva shares hit a 21-year high
    
    

 (Reporting by Bartosz Dabrowski and Ozan Ergenay)
 ((bartosz.dabrowski@tr.com; ozan.ergenay@tr.com))