Norsat International Inc. (TSX: NII and NYSE MKT: NSAT), a provider of communication solutions for remote and challenging applications, has announced that the Special Committee comprising all of the Independent Directors of the board of directors has received, reviewed and considered an offer from Hytera to amend the terms of the existing Amended Arrangement Agreement, the company said.
The amended offer is to acquire the company for cash consideration of USD 11.50 per share and to increase both the Norsat and Hytera termination fees from USD 2.5 million to USD 3.0 million, respectively.
The Independent Directors have determined that based on the amended offer from Hytera, the Privet Subsequent Acquisition Proposal ceases to be a Superior Proposal, and subject to obtaining approval from the Industrial Technologies Office representing the Strategic Aerospace and Defence Initiative program will enter into a further amendment of the Amended Arrangement Agreement and implement the amended offer.
Founded in 1977, Norsat International Inc. is a provider of unique and customized communication solutions for remote and challenging applications. Norsat´s products and services include-edge product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, antennas, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions.