Privet Fund Management LLC surpasses Hytera Proposal to buy Norsat12-06-2017
Privet Fund Management LLC ("Privet") announced today that Privet sent a letter to the board of directors of Norsat International Inc. containing a revised proposal to acquire 100% of the common shares of Norsat not already owned by Privet and its affiliates at a price of US$11.50 per share in cash pursuant to a plan of arrangement. This consideration is greater than the US$11.25 per share in consideration offered by Hytera Communications Co., Ltd. in Hytera's arrangement agreement with Norsat. Privet is confident that this revised proposal constitutes a "Superior Proposal" as defined in the Hytera Agreement. Privet will provide all of the equity capital necessary for the proposal and has received amending letters to the debt commitment letters previously provided to finance a portion of the consideration. Privet anticipates that the required regulatory approvals would not materially impact the timing or certainty of the transaction. Furthermore, given Privet's substantial existing ownership, Privet is highly confident that shareholder approval of the proposal will be readily obtained.
The proposal is non-binding and is subject to the negotiation and execution of a mutually acceptable definitive acquisition agreement between Privet and Norsat.
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