Western Multiplex reveals surprise merger bid from Stratex
Western Multiplex yesterday revealed that former suitor DMC Stratex Networks has made a stock bid for the broadband wireless equipment vendor, potentially derailing Western’s planned merger with Proxim.
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The announcement threw Stratex off guard. Stratex chairman and former CEO Chuck Kissner only submitted the proposal to Western Multiplex’s board Tuesday. Stratex confirmed today it offered 0.5215 shares of DMC stock for every Western share. Stratex valued the deal at 169.5 million, based on Wednesday market close.
Stratex and Western Multiplex conducted merger discussions last summer that collapsed for strategic and financial reasons, according to Western Multiplex. In January, Western and Proxim agreed to merge, swapping Proxim stock for Western share at a 10% discount. But Stratex claimed its new offer is a better deal for Western’s shareholders, and Kissner urged the company’s board to consider the offer promptly.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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