good bye

ORBCOMM said earlier this week that the takeover by GI Partners is on track to close in the second half of 2021.

Announcing the expiration of the 30-day “go-shop” period “under the terms of the merger agreement between ORBCOMM and GI Partners, (…) which was previously announced on April 8, 2021”, it said that “no alternative acquisition proposals were received by ORBCOMM during the ‘go-shop’ period”.

“Pursuant to the merger agreement, during the ‘go-shop’ period, ORBCOMM, with the assistance of PJT Partners and Raymond James, ORBCOMM’s financial advisors, actively solicited alternative acquisition proposals from third parties that they believed might be interested in a possible alternative transaction.

“During this process, ORBCOMM, PJT Partners and Raymond James engaged with more than 50 parties. ORBCOMM is now subject to customary “no-shop” restrictions that limit its and its representatives’ ability to solicit alternative acquisition proposals from third parties, subject to customary ‘fiduciary out’ provisions.”

The transaction is subject to the satisfaction of customary closing conditions, including approval by ORBCOMM stockholders and the receipt of required regulatory approvals. Upon completion, ORBCOMM will become a privately-held company, and its common stock will no longer be listed on the Nasdaq.

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