EFJ amends Francisco merger agreement
EF Johnson Technologies has entered into an amendment to its merger agreement with an affiliate of Francisco Partners. Under the terms of the amended merger agreement, an affiliate of Francisco Partners will acquire all of the outstanding shares of EF Johnson Technologies’ common stock for $1.50 per share in cash. This is an increase of over 42% over the $1.05 per share cash purchase price contemplated by the parties’ original merger agreement previously announced on May 17, 2010.
In addition to increasing the cash purchase price, the amendment increases the termination fees payable under certain circumstances, increases the amount of allowable transaction expenses and amends certain representations and warranties contained in the merger agreement.
Source: EF Johnson