Norsat Enters into Amended Definitive Agreement with Hytera Communications to be Acquired for $70.6 million

Norsat International (TSX:NII) has announced it has entered into an amended arrangement agreement with Hytera Project, a subsidiary of Hytera Communications where Hytera will acquire all the issued and outstanding shares of Norsat for US$11.50 per share for a total of $70.6 million.
As quoted in the press release:

The previously adjourned annual general and special meeting of securityholders (the “Meeting”) is scheduled to resume on Thursday, June 22, 2017, at 2:00 pm (Pacific time) at the offices of Norsat International Inc. at Suite 110-4020 Viking Way, Richmond, B.C., V6V 2L4.
Cash Consideration and Attractive Premium – Under the Arrangement, shareholders of Norsat will receive $11.50 USD per Norsat share in cash, offering immediate liquidity and certainty of consideration. The cash consideration per share represents a premium of 81% over the unaffected trading price of the shares on September 16, 2016, the last trading day prior to the announcement on September 19, 2016 by Privet, a shareholder of Norsat, of its interest in acquiring Norsat. The Arrangement also represents a premium of 86% over the 20-day VWAP on September 16, 2016.
Independent Directors Support and Approval – The Independent Directors have unanimously determined that the Arrangement is in the best interests of Norsat and its shareholders and recommend that the securityholders of Norsat vote FOR the Arrangement Resolution.
Details of the Arrangement and Required Approvals – The Arrangement will be subject to a number of customary conditions, including the approval of at least 66 2/3% of the votes cast by securityholders at the Meeting. If approved by securityholders, and subject to the receipt of court approval and to the receipt of all required regulatory approvals, the transaction is expected to close in the third quarter of 2017.

Click here to read the full press release.