Viavi Solutions Proposes To Acquire EXFO At $7.5/Share

  • Network test, measurement, and assurance technology company Viavi Solutions Inc VIAV proposed to acquire telecom equipment company EXFO Inc’s 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.
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