Motorola completed its cash tender offer of $1.18 per share for all outstanding shares of common stock of Next Level Communications. As a result of the tender offer, Motorola owns approximately 88.7% of Next Level’s outstanding common stock. Motorola will acquire the remaining ownership of Next Level not owned by Motorola as a result of the tender offer through a short-form merger pursuant to which Next Level’s remaining shareholders (other than Motorola, its subsidiaries and shareholders properly exercising dissenters’ rights) will be entitled to receive $1.18 per share in cash, without interest. Motorola said such a short-form merger does not require the approval of or prior notice to Next Level’s board or other stockholders under Delaware law.
http://www.motorola.com
- In January, Motorola made an unsolicited tender offer of $1.04 per share to acquire all of the outstanding publicly held shares of its subsidiary Next Level Communications, a provider of integrated broadband access platforms.
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At the time of the offer, J. Michael Norris, the chairman and CEO of Next Level Communications, said that Motorola had not discussed its unsolicited tender offer with Next Level management and its independent directors.
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Next Level Communications was founded in 1994 and is headquartered in Rohnert Park, California.