Herley Industries/Kratos Defense & Security Solutions
On February 8, 2011, Herley Industries, Inc. (Nasdaq: HRLY) announced that they have entered into a definitive agreement to be acquired by Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) for $19.00 per share in cash, or total consideration of $270 million.
Pursuant to the terms of the definitive agreement, Kratos will commence, no later than February 25, 2011, a cash tender offer for all issued and outstanding shares of Herley common stock at $19.00 per share, without interest. Following completion of the tender offer, Kratos will acquire the remaining outstanding shares of Herley common stock for $19.00 per share in cash, without interest, through a second-step merger.
Jefferies & Company, Inc. served as financial advisor to Herley in connection with its review of strategic alternatives and the transaction.
Credit Suisse Securities (USA) LLC also served as financial advisor to Herley in connection with the transaction.
Blank Rome LLP, Blakinger, Byler & Thomas, P.C., and Barley Snyder LLC served as Herley's legal advisors in connection with the transaction.
Pursuant to the terms of the definitive agreement, Kratos will commence, no later than February 25, 2011, a cash tender offer for all issued and outstanding shares of Herley common stock at $19.00 per share, without interest. Following completion of the tender offer, Kratos will acquire the remaining outstanding shares of Herley common stock for $19.00 per share in cash, without interest, through a second-step merger.
Jefferies & Company, Inc. served as financial advisor to Herley in connection with its review of strategic alternatives and the transaction.
Credit Suisse Securities (USA) LLC also served as financial advisor to Herley in connection with the transaction.
Blank Rome LLP, Blakinger, Byler & Thomas, P.C., and Barley Snyder LLC served as Herley's legal advisors in connection with the transaction.
