News

Tellabs to be sold for US$891mn

Bnamericas Published: Wednesday, October 23, 2013

US telecommunications equipment company Tellabs (Nasdaq: TLAB) has entered into a definitive agreement to be acquired by Marlin Equity Partners for a total equity value of approximately US$891mn, the company said in a statement.

The US$2.45 per share offer represents a premium of 28.9% over the current 52-week-low closing share price, which occurred on April 17, 2013.

The acquisition is due to close in the fourth quarter.

Tellabs has posted 11 straight money-losing quarters as the company shifts from older phone network switches to more popular equipment for wireless systems. It suffered a dual blow last year when Chief Executive Officer Rob Pullen died of cancer and Chairman Mike Birck announced he would step down from the board after being diagnosed with leukemia.

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