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Radyne to be Acquired in All-Cash Transaction
Phoenix, AZ — Radyne Corp. (Nasdaq: RADN) has signed a definitive merger agreement with Comtech Telecommunications Corp. (Nasdaq: CMTL) in which Comtech will acquire Radyne in an all-cash transaction. The first step cash tender offer is subject to customary terms and conditions, including the purchase of a minimum of a majority of Radyne's shares on a fully diluted basis and regulatory clearance.
Myron Wagner, Chief Executive Officer of Radyne, said, "This strategic combination makes sense for both companies and I firmly believe it is the right step at the right time for all of Radyne's stakeholders. Our shareholders will benefit from a significant premium to Radyne's stock price, our customers will benefit from greater resources and product offerings, and our employees will benefit from being part of a larger, more diversified company. I look forward to working with Comtech's management team during the integration period."
Fred Kornberg, President and Chief Executive Officer of Comtech, said, "We are pleased to have reached this agreement with Radyne and believe that this combination is beneficial to the stakeholders of both companies. Acquiring Radyne offers a unique opportunity to unite our companies' resources to develop and bring to market innovative, new products that can increase our customers' return on investment and reduce operating costs. We are very excited about the future prospects of the combined company and we look forward to welcoming Radyne's talented and dedicated employees to the Comtech team."
Mr. Kornberg and Mr. Wagner jointly stated, "We intend to maintain a sharp focus on our customers' needs as we integrate Radyne's business into Comtech. We plan no interruptions in any scheduled or committed rollouts from either company, and we intend to continue to support all existing Comtech and Radyne products and services. We anticipate honoring all existing agreements with customers, VARs, distributors, OEMs and other strategic partners."
Contact: Radyne Corp., 3138 East Elwood St., Phoenix, AZ 85034
602-437-9620 fax: 602-437-4811 E-mail: firstname.lastname@example.org Web:
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