EF Johnson Technologies, Inc. (NASDAQ: EFJI) $38M (MarketCap)
EF Johnson Technologies, Inc. (NASDAQ: EFJI) surged by 43 cents, or 41.8% to $1.46 in the premarket session after the company said it has entered into an amendment to its merger agreement with an affiliate of Francisco Partners. Under the terms of the amended merger agreement, an affiliate of Francisco Partners will acquire all of the outstanding shares of EF Johnson Technologies' common stock for $1.50 per share in cash. This is an increase of over 42% over the $1.05 per share cash purchase price previously announced on May 17, 2010. The 50-day average daily volume for EF Johnson Technologies is 144,000 shares, and its Board of Directors unanimously approved the amended merger agreement.
"Our amended merger agreement with Francisco Partners provides increased all-cash premium value to our stockholders and reflects Francisco Partners' strong commitment to the transaction," said Michael E. Jalbert, Chairman of the Board and Chief Executive Officer of EF Johnson Technologies, Inc. "We are proud of the value we have delivered to our stockholders through this amended merger agreement, and are excited to work closely with Francisco Partners to complete the transaction as expeditiously as possible."
In addition to increasing the cash purchase price, the amendment increases the termination fees payable under certain circumstances, increases the amount of allowable transaction expenses and amends certain representations and warranties contained in the merger agreement. The transaction remains subject to customary closing conditions. As in the original merger agreement, there is no financing condition to the obligations of Francisco Partners to consummate the transaction. EF Johnson Technologies, Inc. is currently trading at $1.44, up $.41 or 39.81%.
Raymond James & Associates, Inc. is acting as the Company's financial advisor in connection with the transaction, and Haynes and Boone, LLP is acting as the Company's legal counsel. Shearman & Sterling LLP is acting as Francisco Partners legal counsel.
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Disclosure: no positions
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