Anadigics : GaAs Labs Matches $0.54/shr Offer Price Of A Competing Bidder

(RTTNews) - Anadigics Inc. (ANAD) announced that affiliates of GaAs Labs, LLC delivered to the Company a proposed further amendment to the previously announced November 11, 2015 agreement and plan of merger pursuant to which GaAs Labs offered to acquire all of the outstanding shares of ANADIGICS common stock on a fully diluted basis for $0.35 net in cash, pursuant to an all-cash tender offer and second-step merger, which amendment, among other things, increases the per-share offer price to $0.54.

The $0.54 per-share offer price set forth in the Proposed Second Amended GaAs Labs Merger Agreement matches the per-share price offered by a competing bidder whose acquisition proposal the Company announced on December 23, 2015 had been designated by its Board of Directors as a "Superior Offer," as that term is defined in the GaAs Labs Merger Agreement.

The company's Board of Directors continues to evaluate all acquisition proposals.