NSAT gets $10.25 buyout bid; stock up 21%
Norsat Announces Receipt of New Indication of Interest
VANCOUVER, March 17, 2017 /PRNewswire/ - Norsat International Inc.("Norsat" or the "Company")(TSX: NII and NYSE MKT: NSAT), a provider of unique and customized communication solutions for remote and challenging applications, today announced that further to its news release of September 19, 2016, it has recently received a new indication of interest from Privet Fund Management LLP ("Privet"). Privet has provided a non-binding letter of interest to acquire the Company for cash consideration of US$10.25 per share subject to due diligence, financing, the completion of a definitive agreement and other conditions.
The Board, together with the Company's financial advisors and legal counsel, has been reviewing various strategic alternatives and opportunities to maximize value for shareholders. The Board will consider and evaluate the non-binding indication of interest from Privet as part of this ongoing process.
There can be no assurance that a transaction will be completed. The Company does not intend to make any further announcements regarding a potential sale unless and until the Board has approved a specific transaction or other course of action requiring disclosure.
About Norsat International Inc.
Founded in 1977, Norsat International Inc. is a leading provider of innovative communication solutions that enable the transmission of data, audio and video for remote and challenging applications. Norsat's products and services include leading-edge product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, antennas, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions. More information is available at www.norsat.com, via email at investor@norsat.com or by phone at 1-604-821-2800.
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