In an announcement on Monday, Avista Capital Partners disclosed that the ACP Tower Meger Sub, Inc has pushed through with its earlier announcement regarding its cash bid for all the existing shares of common stock of Telular Corporation. It offered a value of US$12.61 net per share exclusive of interest and without deducting withholding taxes.
The bid offer was submitted in relation with the Agreement and Merger Plan between Telular, the buyer - ACP Tower Merger Sub, Inc and the parent ACP Tower Holdings, LLC dated 29th of April 2013 which was disclosed on the 29th of April 2013 by Telular Corporation and Avista Capital Partner. Both the parent, ACP Tower Holding, LLC and the buyer, ACP Tower Merger Sub are under the control of Avista Capital Partners.
The Board of Directors of Telular collectively accepted the proposed purchase by Avista and suggested to Telular stockholders to accept the offer and submit their shares to the Purchaser in the bid offered. The bid and rights to withdraw are set to expire by 12 midnight EDT of Friday, 7th of June 2013, unless the bid offer will be extended or terminated earlier than scheduled.
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