ANADIGICS, Inc. (ANAD) - NASDAQ
  • Mon, Mar. 14, 11:21 AM
    • Two weeks after announcing an $0.85/share deal ($0.19/share higher than the price of its initial deal) to acquire Anadigics (ANAD -0.1%), II-VI (IIVI -0.4%) says 47.8M Anadigics shares (52.9% of the company's common stock) were validly tendered through a tender offer. Another 4.2M shares were delivered through notices of guaranteed delivery.
    • II-VI and subsidiary Regulus Acquisition plan to "effect a merger" between Regulus and Anadigics once the tendered shares are accepted and paid for. The deal is expected to close by March 18.
    | Mon, Mar. 14, 11:21 AM
  • Mon, Feb. 29, 9:14 AM
    • The end of the bidding war, or just another stage? Four days after Anadigics (NASDAQ:ANAD) announced an $0.85/share offer from China's "Party B," the company says it has agreed to a revised $0.85/share deal with II-VI (NASDAQ:IIVI).  (PRs: Anadigics, II-VI)
    • Anadigics says it no longer considers Party B's bid superior, given II-VI matched the offer price and is providing a loan (a credit line worth up to $10M) to address Anadigics' "deteriorating liquidity position," and given a II-VI deal wouldn't be subject to a CFIUS review.
    • II-VI is now paying $0.19/share more than what it originally agreed to acquire Anadigics for, and $0.49/share more than what GaAs Labs was once set to acquire Anadigics for. Anadigics closed on Friday at $0.85.
    • Prior Anadigics coverage
    | Mon, Feb. 29, 9:14 AM | 1 Comment
  • Thu, Feb. 25, 9:20 AM
    • The bidding war (still) continues: The Chinese suitor known as Party B is now offering $0.04/share more for Anadigics (NASDAQ:ANAD) than what II-VI (NASDAQ:IIVI) offered on Tuesday. Anadigics' board deems Party B's bid a "superior offer."
    • II-VI has two business days to deliver an offer that would lead Anadigics to no longer consider Party B's bid superior. Anadigics closed on Wednesday at $0.83; its market cap stands at $74M.
    • Prior Anadigics coverage
    | Thu, Feb. 25, 9:20 AM
  • Wed, Feb. 24, 9:18 AM
    • II-VI's (NASDAQ:IIVI) latest offer for Anadigics (NASDAQ:ANAD) matches the latest offer delivered by a Chinese suitor (referred to as Party B), and is $0.15/share above II-VI's original deal to acquire Anadigics. Anadigics no longer considers Party B's offer superior to II-VI's.
    • For those keeping score, the latest bids for Anadigics are 131% above the $0.35/share price at which Anadigics had once agreed to sell itself (to GaAs Labs).
    • Party B has until 11:59PM ET today to deliver an offer Anadigics' board considers superior to II-VI's latest bid. Anadigics closed yesterday at $0.77.
    | Wed, Feb. 24, 9:18 AM | 3 Comments
  • Fri, Feb. 19, 5:43 PM
    • II-VI (NASDAQ:IIVI) has raised its offer for Anadigics (NASDAQ:ANAD) by $0.07/share to $0.73/share. Anadigics' board "intends to consider carefully" the new offer.
    • News of the revised bid comes two days after Anadigics disclosed a Chinese suitor (referred to as Party B) had delivered a $0.78/share offer that Anadigics' board deems to be a superior proposal to the $0.66/share deal Anadigics previously agreed to with II-VI. Among other things, the Chinese suitor is willing to pay a reverse termination fee in the event it's unable to close its purchase of Anadigics.
    • Anadigics closed today at $0.736. Shares haven't yet moved after hours.
    | Fri, Feb. 19, 5:43 PM | 3 Comments
  • Wed, Feb. 17, 4:16 PM
    • Following a fresh set of deal term revisions, Anadigics (NASDAQ:ANAD) states a $0.78/share buyout offer delivered yesterday from a Chinese suitor referred to as "Party B" is superior to the company's $0.66/share deal to sell to II-VI (NASDAQ:IIVI). II-VI has three business days to respond.
    • Anadigics: "To protect the Company and its stockholders in the event the closing of the proposed merger transaction with Party B does not close in a timely manner or at all as a result of the review process to be conducted by the Committee on Foreign Investment in the United States, the February 16, 2016 Party B Proposed Merger Agreement provides, among other things, that, under certain circumstances identified therein, Party B will make a loan available to the Company and/or pay to the Company a reverse termination fee."
    • ANAD +2.7% after hours to $0.70.
    • Prior Anadigics coverage
    | Wed, Feb. 17, 4:16 PM
  • Mon, Jan. 25, 8:15 AM
    • The unnamed Chinese suitor referred to as "Party B" during the Anadigics (NASDAQ:ANAD) bidding war has made a $0.76/share buyout offer that Anadigics thinks "could reasonably be expected to lead to a 'Superior Offer,'" as defined by the terms of the company's recent $0.66/share deal to sell to II-VI (NASDAQ:IIVI).
    • Anadigics cautions Party B's proposal still doesn't "contain all of the material provisions that the Company's Board of Directors believes are necessary to protect the Company and its stockholders." The company previously voiced concerns about U.S. regulators and other risks that could prevent a deal from closing "in a timely manner or at all." The board has directed Anadigics' management and advisors to negotiate with Party B to resolve all issues.
    • Anadigics has risen to $0.685 premarket.
    • Prior Anadigics coverage
    | Mon, Jan. 25, 8:15 AM
  • Tue, Jan. 19, 11:51 AM
    • II-VI (IIVI -0.4%) is acquiring RF chipmaker Anadigics (ANAD -2.7%) for $0.66/share in cash. Anadigics, which has seen a bidding war break out for the company in recent weeks, last week announced it's backing a $0.66/share offer from an unnamed party - private GaAs Labs, which once had a $0.35/share deal to buy Anadigics, most recently bid $0.62/share for the company.
    • Anadigics states a $0.75/share offer it received from a still-unnamed party (referred to as Party B) involved a Chinese suitor, and that it was rejected partly due to "regulatory and other risks that render uncertain Party B's ability to close a merger transaction with the Company in a timely manner or at all." Anadigics was also worried about business risk related to a delayed or failed deal closing.
    • II-VI is also acquiring EpiWorks, a provider of epitaxial wafers used to manufacture RF chips and optical components, for $43M in cash + a $6M earn-out. Both deals are expected to close within 60 days, and will be financed via available cash and credit facility borrowings. EpiWorks had 2015 revenue of ~$14M; Anadigics had revenue of $46M over the first 9 months of 2015.
    • II-VI on Anadigics: "ANADIGICS, Inc. brings to II-VI a high volume foundry unmatched in the production of 6-inch gallium arsenide (GaAs) wafers. The acquisition of this foundry adds capacity more quickly and economically than building it new. II-VI believes that controlling a scalable infrastructure is critical for extending the Company's Laser Enterprise product portfolio technology and positioning II-VI as the world leader in VCSEL technology."
    • II-VI on EpiWorks: "Its 25,000-square foot, Class 1000 cleanroom epi foundry will provide significant expansion of II-V'Is product portfolio. EpiWorks' expertise dovetails with II-VI's core competencies as an engineered materials company." The company also notes the VCSEL market is expected see 20%+ annual growth going forward.
    • Separately, II-VI says it now expects FQ2 (calendar Q4) revenue of $189M-$191M and EPS of $0.28-$0.30, above a consensus of $188.8M and $0.25.
    | Tue, Jan. 19, 11:51 AM
  • Tue, Jan. 12, 9:53 AM
    • One of the unnamed parties (referred to as Party A) taking part in the Anadigics (NASDAQ:ANAD) bidding war has upped its offer to $0.66/share, up from a prior $0.62/share bid that GaAs Labs proposed matching. The board has deemed the bid to be a "superior offer."
    • The other unnamed party (referred to as Party B) has submitted revised offers of $0.68/share and $0.70/share. However, Anadigics still believes Party B "fails to include certain material terms and conditions requested by the Company for the protection of the Company and its stockholders." Talks continue to be held with Party B.
    • GaAs Labs once more has two business days to up its offer. Anadigics has risen to $0.67.
    • Prior Anadigics coverage
    | Tue, Jan. 12, 9:53 AM | 4 Comments
  • Fri, Jan. 8, 6:40 PM
    • GaAs Labs has extended its tender offer to buy all of Anadigics' (NASDAQ:ANAD) outstanding shares. The offer, previously set to expire at 11:59PM ET today, will now expire at 11:59PM on Jan. 25, unless further extended.
    • However, there's no indication GaAs has hiked its offer for Anadigics above a prior $0.58/share. Anadigics is two days removed from disclosing a $0.62/share offer from an unnamed bidder (referred to as Party A), and stating GaAs has two business days to counter. The company has also received a $0.68/share offer from another party, but hasn't obtained all of the changes it sought for the offer.
    • Anadigics closed today at $0.645.
    | Fri, Jan. 8, 6:40 PM
  • Wed, Jan. 6, 10:35 AM
    • An unnamed suitor referred to as Party A has made a $0.62/share offer to buy Anadigics (ANAD -2.2%), topping a prior $0.58/share offer from GaAs Labs.
    • Meanwhile, the unnamed suitor (referred to as Party B) that last week was reported to have made a $0.68/share offer has delivered a revised $0.68/share bid that "modifies certain, but not all, of the material terms and conditions thereof to which [Anadigics] had sought changes." Anadigics continues to negotiate with Party B to resolve the issues.
    • For now, Anadigics deems Party A's $0.62/share bid a "Superior Offer." As was the case before, GaAs Labs has two business days to deliver a competing bid. Anadigics currently trades at $0.66.
    • Prior Anadigics coverage
    | Wed, Jan. 6, 10:35 AM
  • Dec. 31, 2015, 4:58 PM
    • A day after disclosing a $0.58/share buyout offer from an unnamed suitor (topped $0.54/share offers from the suitor and GaAs Labs), Anadigics (NASDAQ:ANAD) states it has received a $0.68/share offer from an "excluded party" (also unnamed). An offer from the excluded party was previously disclosed a week ago, with no price given.
    • Anadigics cautions the excluded party's offer "raises certain material issues that need to be negotiated and resolved." With the offers from the two unnamed parties not expiring before Jan. 5 (Tuesday), the board "intends to further evaluate all existing offers, and any further amendments thereto that may be received by the Company on or before January 4, 2016," and then meet on Jan. 5 to decide "which of said offers or amended offers received as of January 4, 2016 constitutes a 'Superior Offer.'"
    • ANAD +9.8% to $0.70. For the record, that's twice what GaAs Labs originally agreed to acquire the RF chipmaker for.
    • Prior Anadigics coverage
    | Dec. 31, 2015, 4:58 PM | 2 Comments
  • Dec. 30, 2015, 4:51 PM
    • 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
    | Dec. 30, 2015, 4:51 PM
  • Dec. 28, 2015, 2:52 PM
    • Anadigics (NASDAQ:ANAD) has risen above $0.58 following Thursday's news the company has received "a revised offer" from an unnamed "Excluded Party." The offer is due to expire on Dec. 31.
    • The RF chipmaker plans to evaluate the revised offer, along with the $0.54/share offer from an unnamed suitor that it disclosed on Dec. 23.
    | Dec. 28, 2015, 2:52 PM | 1 Comment
  • Dec. 23, 2015, 9:35 AM
    • Anadigics (NASDAQ:ANAD) states GaAs Labs, which originally struck a $0.35/share deal to buy Anadigics, matched the $0.48/share offer (announced last week) it received from an unnamed suitor. In response, the unnamed suitor raised its offer to $0.54/share.
    • GaAs Labs has two business days to deliver an offer that would lead the $0.54/share bid to no longer be considered a "superior offer."
    • Anadigics hasn't yet traded today. Shares closed yesterday at $0.47.
    • Update (10:16AM ET): After starting trading, Anadigics is up 16.8% to $0.547.
    | Dec. 23, 2015, 9:35 AM | 5 Comments
  • Dec. 16, 2015, 9:11 AM
    • Nine days after stating it has received buyout proposals it believes will lead to an offer superior to the company's $0.35/share deal to sell to GaAs Labs, Anadigics (NASDAQ:ANAD) announces it has received a $0.48/share offer (all-cash) from an unnamed third party.
    • Not surprisingly, the offer has been deemed superior, and Anadigics' board intends to terminate the GaAs Labs deal (as it's free to do so, per deal terms) once a 5-day waiting period expires on Dec. 22.
    • Shares have risen to $0.47 premarket.
    | Dec. 16, 2015, 9:11 AM | 1 Comment
Company Description
Anadigics Inc designs and manufactures radio frequency semiconductor solutions for cellular wireless, WiFi, wireless infrastructure and CATV applications.
Sector: Technology
Industry: Semiconductor - Integrated Circuits
Country: United States