HICKORY, N.C. – CommScope, Inc. announced Monday a competing bid for Andrew Corporation for US$9.50 per share in cash, or US$1.7 billion. The all-cash offer is a premium of approximately 36% over the US$6.97 per share value Andrew's shareholders would receive under the existing merger agreement between Andrew and ADC Telecommunications based on the closing price of ADC's common stock on August 4, 2006, the last trading day before CommScope's proposal was made public, says the CommScope press release. CommScope's proposal also represents a premium of approximately 20% over Andrew's per share closing price of $7.89 on August 4, 2006. The...
