Almost a year after telecommunications equipment maker CommScope Inc.'s $1.7 billion bid for smaller rival Andrew Corp. was rejected, the firms reconvened and settled on a $2.6 billion price tag. There's something to be said for not burning bridges. Andrew's CEO Ralph Faison wasn't looking for deals last summer, even though he received two offers. Faison did say consolidation was a "fact of life" in the industry and had visions of being an acquirer rather than a target. Things change. CommScope is expected to dish out $15.00 per share, with at least 90% of that being cash. The purchase price represents a 16% premium over the closing price of Andrew's common stock on Tuesday, June 26.
The combined company, which would have sales of roughly $3.8 billion (based on 2006 numbers), will have more than 2,200 global patents and pending patent applications and approximately 16,000 employees serving more than 130 countries.
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Juergen Lasowski
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