- An unnamed suitor that previously made a $0.54/share offer to acquire Anadigics (NASDAQ:ANAD) has upped its bid to $0.58/share. The move comes shortly after GaAs Labs, which originally agreed to buy Anadigics for $0.35/share, matched the $0.54/share offer.
- GaAs Labs has two business days to submit a rival bid that would lead the $0.58/share bid to no longer be deemed a "superior offer" by Anadigics' board.
- Ahead of the news, Anadigics closed today at $0.60, as investors bet the bidding war for RF chipmaker would continue. Its market cap stands at $53M.
- Prior Anadigics coverage