Business
Disposal update
Disposal update.
About this update from Filtronic Plc
[{"type":"text","content":"\n Filtronic PLC\n05 September 2006\n\n\n Filtronic plc\n\n\n Disposal of the Wireless Infrastructure Business to Powerwave - revised\n agreement\n\n\nSANTA ANA, Calif. and LONDON, England, 5 September, 2006 - Powerwave\nTechnologies, Inc. (NASDAQ:PWAV) and Filtronic plc ('Filtronic') today announced\nthat they have revised the terms of their previously agreed transaction whereby\nPowerwave would acquire the majority of Filtronic's Wireless Infrastructure\ndivision.\n\n\nThe amended terms consist of a combination of US$185 million in cash and 17.7\nmillion newly issued shares of Powerwave common stock.\n\n\nPreviously, the companies had announced on 12 June 2006 that they had signed a\ndefinitive agreement for Powerwave to acquire the majority of Filtronic's\nWireless Infrastructure division for a combination of US$150 million in cash and\n20.7 million newly issued shares of Powerwave common stock.\n\n\nThe specific product lines included in this proposed transaction are unchanged\nand so comprise transmit/receive filters, integrated remote radio heads and\npower amplifier products, all for use in commercial wireless infrastructure base\nstation equipment (the 'Wireless Infrastructure business'). The proposed\nacquisition does not include point to point radio backhaul equipment, as well as\nFiltronic's other divisions, of Compound Semiconductors and Defence Electronics.\nThe board of directors of both Powerwave and Filtronic have approved the\nrevised agreement.\n\n\nThe transaction is subject to approval by Filtronic shareholders. The board of\nFiltronic expects to post a circular putting this proposal to shareholders\nshortly and to have the required shareholder meeting in late September/early\nOctober 2006. Subject to shareholders having approved the proposal, the\ntransaction is expected to complete in early/mid October 2006.\n\n\nThe Board will set out the details of its intentions on return of cash to\nshareholders in the circular. These intentions include returning substantially\nall of the proceeds from the stock disposal to shareholders.\n\n\nEnquiries\n\n\nFiltronic plc:\n\nProfessor J David Rhodes, Group Chief Executive Tel: 01274 530622 / Mob: 07850 827 280\nCharles Hindson, Group Finance Director Tel: 01274 530622 / Mob: 07800 706 319\n\nParkgreen Communications Ltd:\nPaul McManus Tel: 020 7493 3713 / Mob: 07980 541...