Key Developments For Communications Corporation
Ixia Completes Acquisition Of Catapult Communications
Ixia announced that it has completed its acquisition of Catapult Communications Corporation (Catapult) for approximately $105 million, or $63 million net of Catapult's cash and investments. The acquisition was conducted by means of a tender offer for all of the outstanding common shares of Catapult, and was completed by a merger that was effected on June 23.
Ixia's Subsidiary Completes Tender Offer For Catapult Communications
Ixia announced that its wholly owned subsidiary has successfully completed its cash tender offer for all of the outstanding shares of common stock of Catapult Communications Corporation for $9.25 per share. The offer expired at 12:00 midnight, New York City time, on June 22, 2009, at which time a total of approximately 10,808,049 shares of Communications Corporation (including 83,927 shares tendered by notice of guaranteed delivery), had been tendered and not withdrawn, representing approximately 95.6% of the outstanding Communications Corporation common stock (including approximately 0.7% of outstanding shares tendered by notice of guaranteed delivery). All shares that were validly tendered and not withdrawn have been accepted for payment in accordance with the terms of the tender offer. The company expects to complete the acquisition of Catapult Communications by means of a merger on or about June 23, 2009 pursuant to the short form merger procedure available under Nevada law. As a result of the merger, Catapult Communications will become a wholly owned subsidiary of the company. In the merger, each outstanding share of Catapult Communications common stock will be converted into the right to receive $9.25 per share in cash without interest and less any applicable withholding taxes. Following the merger, Catapult common stock will no longer be traded on NASDAQ.
Catapult Communications To Be Acquired By Ixia
Catapult Communications announced that it has signed a definitive agreement with Ixia under which Ixia will acquire Catapult for $9.25 per share in cash. This represents a 39% premium to the average share price over the three months ended Friday, May 8, 2009. The transaction is valued at approximately $105 million.
Catapult Communications Raises Q1 2009 Guidance
Catapult Communications announced that revenues for first quarter of 2009, is currently expected to exceed the Company's original guidance of $9.5 million by approximately $300,000, and that income before taxes is expected to exceed the Company's original guidance by more than $600,000 due to higher gross profit, lower operating expenses and higher foreign currency exchange gains than originally anticipated.
Catapult Communications Issues Q1 2009 Outlook-Conference Call
Catapult Communications announced that for the first quarter of 2009, it expects revenue to be $9.5 million and pretax income to be $0.2 million.
