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Andrew buys back shares in its go-it-alone strategy

05 сентября 2006
Andrew's go-it-alone strategy involves buying back 2.4 million shares of its common stock for about $9 per share as the company's stock falls in wake of its rejection of two offers. Andrew ended its merger plans with ADC Telecommunications and rejected a takeover bid from CommScope, which disrupted the merger plans with a rival bid that was a 36 percent premium over ADC's deal.

In a press release, Andrew asserted that CommScope's acquisition proposal is "wholly inadequate" and not in the best interest of its shareholders. Ralph Faison, president and chief executive officer of Andrew said the share repurchases should unleash long-term shareholder value. "We believe the strength and value of Andrew is not accurately reflected by the market," he said.


Source: FierceWireless

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