Anadigics Determines New Offer Of $0.48/shr Superior To GaAs Labs Deal

(RTTNews) - Anadigics Inc. (ANAD) announced that its Board has unanimously determined that an offer from a third party to acquire all of the outstanding shares of Anadigics common stock for $0.48 per share in cash pursuant to an all-cash tender offer and second-step merger constitutes a "Superior Offer" within the meaning of the previously announced agreement and plan of merger with affiliates of GaAs Labs, LLC.

As previously announced, an affiliate of GaAs Labs commenced, on November 24, 2015, a cash tender offer to acquire all of ANADIGICS's outstanding shares for $0.35 per share in cash.

Anadigics notified GaAs Labs of the Anadigics Board of Directors's determination and intention to effect a change of recommendation and to terminate the Merger Agreement. This notice commenced a five business day period that will expire on December 22, 2015, during which Anadigics may not change its Board's recommendation nor terminate the Merger Agreement and GaAs Labs has the right to make proposals to Anadigics.

Anadigics noted that its Board has not changed its recommendation with respect to the GaAs Labs transaction, nor has it made any recommendation with respect to the third party's proposal.