Pctel Hits Two: year high on buyout deal from Amphenol
16/10/2023 16:53
** Shares of wireless technology provider PCTEL PCTI.O
soar 47.3% to $6.87, hitting a two-year high
** PCTI said on Friday electronic equipment maker Amphenol
APH.N will buy all of co's outstanding shares in an all-cash
deal valued at $139.7 mln
** PCTEL's shareholders to receive $7 for every share they
own, implying a premium of 50.2% to co's last close on Friday
** Deal approved by PCTEL board, shareholders meeting
expected before the end of FY23
** The deal is expected to close in Q4 FY23 or early 2024;
PCTEL shares will not be listed on any public market after deal
** APH shares up 2.3%
** PCTEL stock has gained 59.8% YTD, including session gains
(Reporting by Purvi Agarwal in Bengaluru)
((Purvi.Agarwal@thomsonreuters.com))