Norsat International Inc. today announced that it has recently received indications of interest from multiple parties with respect to a strategic transaction. Privet Fund Management LLP is one such party that has offered to acquire the Company for cash consideration of US$8.00 per share subject to due diligence, financing and other conditions.
Norsat has retained Raymond James Ltd. as its financial advisor and McMillan LLP as its legal advisor to assist the Company’s Board of Directors in reviewing and evaluating the proposals and comparing such proposals to Norsat’s standalone strategic plan, consistent with the Board’s fiduciary duties. The review process initiated by the Board could result in bids with consideration higher than US$8.00 per share and the Company will work with its advisors to consider the proposals as well as other potential opportunities in comparison to the Company’s long-term strategic plan.
The Company has not established a definitive timeline to complete this review and no decision has been reached at this time. There can be no assurance that the review being undertaken will result in a business combination or a path different from the Company’s current strategic plan. The Company does not intend to make any further announcements regarding the review unless and until the Board has approved a specific transaction or other course of action requiring disclosure.