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Alvarion spikes PM following improved offer from Valley Telecom

  • Alvarion shares (ALVR) are up 42.6% PM after the company's Receiver submitted an improved offer from Valley Telecom to the court. The bid follows a new round of negotiations with bidding parties.
  • The new proposal represents a total minimum offer of $5.7M (NIS20.75M), comprised of $3.3M (NIS12M) in 2 payments by Sept. 30, a minimum $1.7M (NIS6.25M) in 4 payments by May 2014, $700K (NIS2.5M) for patents by the end of 2013, and an additional amount based on sale of Alvarion's assets, inventory, and accounts receivable.
  • Under the new offer, Valley Telecom would assume management of Alvarion on Sept. 15. It would also receive newly-issued shares representing 75% of shares outstanding. Current shareholders would be diluted to 10%.
  • The new offer is an improvement from Valley Telecom's previous proposal of a minimum of $3.8M for the company.
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