CommScope (NYSE: CTV) made it official that it the Carlyle Group will buy the company for $3.9 billion, making the coax and fiber cable vendor a private company.
Under the terms of the deal, CommScope shareholders will receive $31.50 per share case, a 36 percent premium over the vendor's share price prior to the first announcement that the companies were talking about a deal. When the deal is complete in early 2011, CommScope's management, including current chairman and CEO Frank Drendel, is expected to stay with the company.
The company's board has already unanimously approved the deal and has suggested that its shareholders approve it during a special meeting of stockholders.
Of course, the agreement is far from a done deal as CommScope can still seek higher bids from other entities over the next 40 days.
For more:
- see the release
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