DeWITT — Anaren, Inc.’s (NASDAQ: ANEN) stock price fell modestly today after Thursday’s announcement that its independent committee had rejected a $23 a share purchase offer from one of its investors, Vintage Capital Management, LLC.
Shares of Anaren were trading down 37 cents at $23.75 as of 3:30 this afternoon, after closing at $24.12 on Thursday.
After the close of trading yesterday, Anaren released a statement saying that its committee of independent directors “after careful consideration with the assistance of its financial and legal advisers, has concluded that the [Vintage Capital] offer does not reflect the intrinsic value of the company.”
The committee, which Anaren formed on April 18, reviewed and evaluated the unsolicited, non-binding offer from Vintage Capital Management, to acquire all of the Anaren shares it didn’t already own. On April 15, Vintage Capital, which already owns just over one-eighth of Anaren’s shares, sent the DeWitt–based high-tech manufacturer a letter offering to buy all its shares for $23 in cash per share. The offer valued Anaren at more than $300 million.
Anaren says its independent committee and its advisers will continue reviewing alternatives to determine the course of action that it believes would be in the best interests of Anaren’s stockholders, including the possible sale of the company.
Anaren employs about 800 people. The firm develops and manufactures components and subsystems for markets including satellite communications, defense, and wireless communications.
Contact Reinhardt at ereinhardt@cnybj.com