Motorola plans Next Level jump
Jan 13, 2003 12:00 PM
Motorola Inc. has announced plans for a $30 million tender offer for the outstanding shares of its Next Level Communications Inc. subsidiary.
The offer, according to a Motorola release, translates to $1.04 for each share of Next Level and “representing a 14.4 percent premium over the closing price on January 10 … and a 28.6 percent premium over the average closing price for the last 90 trading days.”
Officials with Motorola – which already owns which owns a 74 percent of Next Level – expect to wrap up the purchase before the end of the quarter.
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