Norsat Announces Receipt of Updated Unsolicited, Proposal from Privet Fund Management LLC

Norsat International (TSX:NII; NYSE:NSAT) has announced it has received an updated proposal from Privet Fund Management to acquire the company for cash consideration of $11.50 per share.
As quoted in the press release:

The Privet Subsequent Acquisition Proposal is not subject to any due diligence or financing conditions.  Privet has indicated that it is prepared to sign a definitive agreement on non-financial terms and conditions substantially identical to the existing arrangement and amending agreement with Hytera (the “Amended Arrangement Agreement”).
As Privet has previously been the subject of a Superior Proposal Notice and has now subsequently made an amendment to its previous proposal, the Special Committee comprising all of the Independent Directors of the Board of Directors, in consultation with the Company’s legal and financial advisors, will make a determination as to whether the Privet Subsequent Acquisition Proposal is a Superior Proposal within three business days of its receipt.
If, after completing the review, the Independent Directors determine that the offer by Privet is a Superior Proposal, they will notify Hytera of that determination.  Hytera will then have a period of five business days to offer to further amend the terms of the Amended Arrangement Agreement.  Hytera is under no obligation to make such an offer, but if they offer to further amend the Amended Arrangement Agreement and the Independent Directors determine that the proposal of Privet ceases to be a Superior Proposal, Norsat will enter into a further amendment of the Amended Arrangement Agreement and implement the amended offer.

Click here to read the full press release.