UPDATE: NEI (NEI) Will Be Acquired by Unicom for $1.45/Share

June 19, 2012 9:02 AM EDT Send to a Friend
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(Updated - June 19, 2012 9:04 AM EDT)

NEI (Nasdaq: NEI) announced today that it has signed a definitive merger agreement with UNICOM Systems, Inc. and a new UNICOM subsidiary under which UNICOM, will acquire NEI for $1.45 per common share in cash. The transaction is valued at approximately $63.2 million.

This price represents a premium of approximately 85.5% to NEI's closing price of $0.78 on June 18, 2012.

Under the terms of the definitive merger agreement, NEI is permitted to solicit alternative acquisition proposals from third parties through July 18, 2012 and intends to consider any such proposals. There can be no assurances that the solicitation of such proposals will result in an alternative acquisition transaction. It is not anticipated that any developments will be disclosed with regard to this process unless the Company's Board of Directors makes an affirmative decision to proceed with an alternative acquisition proposal. In addition, NEI may, at any time, subject to the terms of the definitive merger agreement, respond to unsolicited alternative acquisition proposals. The definitive merger agreement also contains certain break-up fees payable to each party in connection with the termination of the definitive merger agreement under certain circumstances.


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