Andrew to Acquire Allen Telecom in $500 Million Stock Swap

Andrew Corporation agreed to acquire Allen Telecom in a stock-for-stock transaction valued at approximately $500 million. Both companies are suppliers of wireless infrastructure subsystems. Andrew said the acquisition will make it the number one global supplier of coaxial cables, RF power amplifiers, terrestrial microwave antennas, network geolocation solutions, repeaters and in-building systems; and the number two global merchant provider of filters and base station antennas. Furthermore, the combined company can deliver an integrated offering of active components -- filters and RF power amplifiers. Under the deal, Allen shareholders will receive 1.775 shares of newly-issued Andrew stock for each Allen share that they currently own. This represents a 21% premium over Allen's share price on 14-February-2003.
http://www.andrew.com
http://www.allentele.com