GaAs Labs Extends Tender Offer For Anadigics Until Jan. 8 - Quick Facts

(RTTNews) - GaAs Labs, LLC and Anadigics, Inc. (ANAD) have extended the offering period of tender offer to purchase all of the outstanding shares of common stock of Anadigics. The tender offer, which was previously scheduled to expire on December 23, 2015, has been extended until on January 8, 2016, unless further extended.

Computershare Trust Company, N.A., the depositary for the tender offer, has advised Purchaser that, as of 5:00 p.m., New York City time, on December 23, 2015, 3.22 million shares of common stock of Anadigics were tendered pursuant to the tender offer, which represented approximately 3.6% of the outstanding shares of common stock of Anadigics.

On Wednesday, Anadigics said that affiliates of GaAs Labs, LLC delivered to the Company a proposed amendment raising the offer price to $0.48 per share from $0.35 per share as set forth in 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.

The $0.48 per-share offer price set forth in the Proposed GaAs Labs Amendment matched the per-share price offered by the competing bidder whose Acquisition Proposal the Company announced on December 16, 2015 had been designated by its Board of Directors as a "Superior Offer," as that term is defined in the GaAs Labs Merger Agreement.