Communications cable maker CommScope will stick with a $2.9 billion buyout offer from The Carlyle Group, after a “go-shop” period ended without a superior offer from another buyer, Reuters reported. On Oct 27, Carlyle offered to buy CommScope for $31.50 a share in cash. CommScope is based in Hickory, North Carolina.
(Reuters) – Communications cable maker CommScope Inc (CTV.N) said it found no superior offers during the “go-shop” period, following its agreement to sell itself to private equity firm Carlyle Group [CYL.UL] for $2.9 billion.
On Oct 27, Carlyle offered to buy CommScope for $31.50 a share in cash and analysts had said it was unlikely that a rival bid would emerge.
The “go-shop” period refers to a period of time in which CommScope was allowed to look for alternative proposals to the Carlyle deal.
CommScope said in a statement it expects to shortly file with U.S. regulators definitive proxy materials related to a special meeting of its shareholders to vote on the Carlyle offer.
Last month, the waiting period of the deal under the Hart-Scott-Rodino act was granted an early termination by the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice.
Shares of Hickory, North Carolina-based CommScope were down 1.42 percent at $31.24 in early morning trade on Nasdaq. They closed at $31.69 on Friday.
(Reporting by Himank Sharma in Bangalore; Editing by Jarshad Kakkrakandy)