Multiband (MBND) Proposes to Acquire WPCS Int'l (WPCS) for $3.20/Share
Tweet
Share
E-mailGet Alerts MBND Hot Sheet
Join SI Premium – FREE
Multiband Corporation (Nasdaq: MBND) has signed a non-binding letter of intent (LOI) to acquire WPCS International Incorporated (Nasdaq: WPCS) for $3.20 per share in cash.
From the release: "Multiband, in exchange for a 120 day exclusive period (90 days with a 30 day extension option) in which to close the transaction, has agreed to a one million dollar down payment, refundable in the event the definitive agreement is materially breached by WPCS or certain other circumstances. In conjunction with the LOI announcement, Multiband has entered into a separate agreement with a third party to acquire for cash at $3.20 per share approximately 710,000 shares of WPCS’s outstanding common stock, representing an approximate 10% interest in WPCS. To fund the balance of the transaction, Multiband has received a commitment letter for a senior debt facility. This facility, which is subject to negotiation of definitive documentation and other conditions, will be used to repay the entire $29 million promissory note of Multiband held by DirecTech and to provide the capital to acquire 100% of WPCS, as well as to fund other strategic opportunities."
From the release: "Multiband, in exchange for a 120 day exclusive period (90 days with a 30 day extension option) in which to close the transaction, has agreed to a one million dollar down payment, refundable in the event the definitive agreement is materially breached by WPCS or certain other circumstances. In conjunction with the LOI announcement, Multiband has entered into a separate agreement with a third party to acquire for cash at $3.20 per share approximately 710,000 shares of WPCS’s outstanding common stock, representing an approximate 10% interest in WPCS. To fund the balance of the transaction, Multiband has received a commitment letter for a senior debt facility. This facility, which is subject to negotiation of definitive documentation and other conditions, will be used to repay the entire $29 million promissory note of Multiband held by DirecTech and to provide the capital to acquire 100% of WPCS, as well as to fund other strategic opportunities."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM (IBM) nearing deal to buy HashiCorp, (HCP) for $35 per share - Bloomberg (earlier)
- IBM (IBM) Nears Acquisition of Software Provider HashiCorp (HCP) - WSJ
- BHP Group makes $38.8 billion play for Anglo American, copper in focus
Create E-mail Alert Related Categories
Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
