Apple (AAPL) Buys AuthenTec (AUTH) for About $356 Million
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Price: $445.15 +0.68%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +11.2%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +11.2%
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Apple (Nasdaq: AAPL) agreed to acquire fingerprint sensor developer AuthenTec, Inc. (Nasdaq: AUTH) for $8 per share on Friday, a 58 percent to Thursday's closing price. The purchase price works out to be $356 million, based on the latest AuthenTec share count.
The merger was unanimously approved by AuthenTec's Board of Directors.
AuthenTec is subject to customary "no-shop" restrictions on its ability to solicit alternative acquisition proposals from third parties and to provide information to and engage in discussions with third parties regarding alternative acquisition proposals. However, prior to adoption of the Merger Agreement by the Company's stockholders, the no-shop provision is subject to customary exceptions which allow the Company under certain circumstances to provide information to and participate in discussions with third parties with respect to certain unsolicited alternative acquisition proposals.
Piper Jaffray & Co. acted as exclusive financial adviser and rendered a fairness opinion to the board of directors of the Company. Alston & Bird LLP acted as legal adviser to the Company.
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The merger was unanimously approved by AuthenTec's Board of Directors.
AuthenTec is subject to customary "no-shop" restrictions on its ability to solicit alternative acquisition proposals from third parties and to provide information to and engage in discussions with third parties regarding alternative acquisition proposals. However, prior to adoption of the Merger Agreement by the Company's stockholders, the no-shop provision is subject to customary exceptions which allow the Company under certain circumstances to provide information to and participate in discussions with third parties with respect to certain unsolicited alternative acquisition proposals.
Piper Jaffray & Co. acted as exclusive financial adviser and rendered a fairness opinion to the board of directors of the Company. Alston & Bird LLP acted as legal adviser to the Company.
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