After General Atlantic LLC and Francisco Partners informed Aeroflex Inc. that
that they will not match a superior takeover offer from Veritas Capital, the
microelectronics maker accepted Veritas' offer,
according
to a press release. In March, General Atlantic and Francisco Partners
agreed
to buy Plainview, N.Y.-based Aeroflex for $13.50 a share, or $1 billion.
The deal included a 45 day go-shop in which Aeroflex could solicit other bids,
leading Veritas to make a
$14
a share bid. On May 21, Veritas boosted its offer to $14.50 a share.
General Atlantic and Francisco demanded Friday that Aeroflex pay the $15
million breakup fee, plus expenses, as required by the merger agreement.
Aeroflex's board will set a date for a special meeting of stockholders to
approve the Veritas offer. —Luisa Beltran
See
press release from BusinessWire
See
story from April 20 from TheDeal.com
See story from March 5 from TheDeal.com
