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- Network test, measurement, and assurance technology company Viavi Solutions Inc (NASDAQ:VIAV) proposed to acquire telecom equipment company EXFO Inc’s (NASDAQ:EXFO) outstanding subordinate voting shares and multiple voting shares at $7.50 per share.
- The proposal values EXFO at $430 million and represents a 103% premium on its June 4, 2021 closing price on the trading day before EXFO’s going-private announcement. Recently EXFO founder and majority shareholder forged an agreement to acquire the remaining subordinate voting shares at a 62% premium. EXFO’s shares will cease to trade on the NASDAQ and will become a private company under the agreement.
- Viavi offered a 25% premium to the going-private consideration of $6.
- Viavi’s proposal is at the high end of the $5.75 - $7.50 formal valuation range of EXFO’s subordinate voting shares.
- Viavi’s board had unanimously approved the proposal. Viavi held $672 million in cash and equivalents as of April 3, 2021.
- Price action: EXFO shares traded higher by 16.9% at $6.93 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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