Veritas Capital Completes Acquisition of Anaren
February 18 2014 - 8:45AM
Anaren, Inc. (Nasdaq:ANEN) ("Anaren" or the "Company") today
announced the successful completion of its acquisition by a
controlled affiliate of The Veritas Capital Fund IV, L.P. ("Veritas
Capital"), a private equity investment firm.
Pursuant to the terms of the previously announced merger
agreement, shareholders of the Company will receive $28.00 in cash
(without interest and less any applicable withholding taxes) for
each share of Company common stock they own, in a transaction with
an equity value of approximately $383 million.
As previously announced, the merger was approved at a special
meeting of shareholders held on February 6, 2014. Under private
ownership, the Company's common stock will no longer be listed or
traded on the NASDAQ Global Select Market.
"Veritas Capital is excited to be associated with the management
and employees of Anaren. The company has an established history of
providing leading technologies and products to the space, defense
and communications markets. We look forward to continuing this
tradition under our ownership, working with Larry Sala and his
team, to provide our customers with cost effective, high
performance solutions to their important requirements," said Hugh
Evans, partner of Veritas Capital.
"We are pleased to be embarking on the next stage of Anaren's
growth under the new ownership of Veritas Capital. As a private
company and under the guidance of Veritas, we will continue to
serve our customers and end markets while seeking to broaden our
product offerings and expand into adjacent market spaces," said
Chief Executive Officer, Larry Sala.
About Veritas Capital
Founded in 1992 and headquartered in New York, Veritas Capital
is a leading private equity investment firm that invests in
companies that provide critical products and services to government
and commercial customers worldwide. Veritas has been involved as
the lead investor in over 60 transactions totaling approximately
$16 billion in value. For more information, please visit
http://www.veritascapital.com.
About Anaren, Inc.
Anaren, Inc. designs, develops, manufactures and sells highly
integrated microwave components, assemblies and subsystems for the
wireless communications, satellite communications and defense
electronics markets. For more information on Anaren's products,
visit our Web site at www.anaren.com.
Forward-Looking Statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, without limitation, any
statement that may project, indicate or imply future results,
events, performance or achievements, and may contain the words
"anticipate," "expect," "intend," "plan," "believe," "estimate,"
"may," "project," "will," "continue" and similar expressions of a
future or forward-looking nature. Forward-looking statements may
include discussions concerning revenue, expenses, earnings, cash
flow, impairments, losses, dividends, capital structure, market and
industry conditions, premium and commission rates, interest rates,
contingencies, the direction or outcome of regulatory
investigations and litigation, income taxes and the Company's
operations or strategy. These forward-looking statements are based
on management's current views with respect to future results.
Forward-looking statements are based on beliefs and assumptions
made by management using currently-available information, such as
market and industry materials, experts' reports and opinions, and
current financial trends. These statements are only predictions and
are not guarantees of future performance. Forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those contemplated by a
forward-looking statement. Additional factors are set forth in
Anaren's filings with the SEC, including its Annual Report on Form
10-K for the year ended June 30, 2013, filed with the SEC on August
12, 2013 and its subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date on which they
are made. Anaren expressly disclaims any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
CONTACT: David M. Ferrara, Secretary and General Counsel
315-362-0510
Anaren, Inc. (MM) (NASDAQ:ANEN)
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