Japan's Vertex Standard agrees to Motorola bid
TOKYO, Nov 5 (Reuters) - Vertex Standard Co Ltd (6821.Q: Quote, Profile, Research), a Japanese maker of transceivers, said on Monday that it has agreed to be bought by U.S. mobile firm Motorola Inc. (MOT.N: Quote, Profile, Research) in a deal worth 7.7 billion yen ($67.4 million).
Motorola aims to buy up to 3,479,900 shares of Vertex Standard, or 51 percent of the company's outstanding shares, offering 2,214 yen apiece. That is 35.5 percent above Monday's closing price.
A spokesman for Vertex said that Motorola will eventually aim to boost its stake to 80 percent.
The bid will start Nov. 6 and end on Dec. 26. If the bid succeeds shares of Vertex would be delisted from the Jasdaq Securities Exchange.
The spokesman said the deal will be beneficial as Vertex's sales channel in Japan and its know-how of product development could be attractive to Motorola, while Motorola's worldwide networks should help expand Vertex's global reach.
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