VIAV - EXFO jumps 23% as Viavi pushes $430M buyout offer
[[EXFO]] is jumping again, up 23.1% premarket, after Viavi Solutions (VIAV) says it has submitted a proposal to buy the company at $7.50/share in cash. That values the company around $430M (C$524M), a premium of 25% to a go-private transaction announce by EXFO's majority shareholder, Germain Lamonde. And it marks a 103% premium to EXFO's Nasdaq closing on June 4, the trading day before the go-private transaction was announced. The deal proposal has unanimous support from Viavi's board, and won't call for any shareholder vote or financing, Viavi says (the company has cash and equivalents of $672M). Lamonde has told EXFO's special committee that he would not consider an alternative change of control transaction, but "Viavi believes its Proposal offers compelling value to all EXFO shareholders, including Mr. Lamonde." Viavi is up 2.1% premarket.
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EXFO jumps 23% as Viavi pushes $430M buyout offer