Wireless Telecom Group Announces the Sale of the Company to Maury Microwave, Inc.
Shareholders to Receive $2.13 Per Share in Cash
Parsippany, New Jersey, USA, May 25, 2023 (GLOBE NEWSWIRE) -- Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company” or “WTT”), a leading test & measurement solutions provider, today announced that it entered into a definitive merger agreement to be acquired by Maury Microwave, Inc. (“Maury”) in an all-cash transaction. Under the terms of the merger agreement, which was unanimously approved by the board of directors of each company, Maury will acquire all the outstanding shares of the Company for an estimated total cash consideration of $2.13 per share. The consideration per share represents a premium of 34% to the Company’s closing share price as of May 24th and a premium of 50% since the date of the announcement of the Strategic Alternatives process in July 2022. The Company will file a proxy statement regarding the proposed transaction with the Security and Exchange Commission (the “SEC”) as described below and is expected to close in the third quarter of 2023.
Tim Whelan, the Company’s CEO stated, “Today’s announcement represents the successful result of a comprehensive strategic alternatives’ review process, and a significant milestone in the Company’s transformation. Once approved by shareholders, this transaction will achieve our goals of maximizing shareholder value by realizing the sum-of-the-parts value of our Company, and efficiently returning capital to our shareholders. We believe this outcome is in the best interest of our shareholders, the Company, our employees, and our customers.” Mr. Whelan added, “The Company has a highly skilled employee base, specialized, differentiated solutions, and a deep commitment to customers. We believe that given the scale of our Company, private ownership offers benefits over public ownership, including lower operating costs, and continued capital investment to accelerate its growth strategy, enhance its customer delivery, and evolve the organization for the future. The Company will continue to focus on our specialized test and measurement solutions to address customers’ differentiated requirements in the semiconductor, satellite, aerospace and defense sectors.”