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

Adtran Networks SE

30/08/2021 13:05

Aug 30 (Reuters) - ADVA OPTICAL NETWORKING SE  ADAG.DE :
    * 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

Source text for Eikon:  ID:nEQ1cD71Ma 
Further company coverage:  ADAG.DE 

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