China-based Hytera Returns with Matching Bid for Norsat International

Norsat International Inc., the Vancouver-based tech firm at the centre of duelling acquisition bids, says China-based Hytera Communications has matched a US$67.3 million rival takeover offer from an American fund manager. Hytera made its friendly takeover bid last year and received federal clearance under the Investment Canada Act this month. Privet Fund Management LLC, a U.S. company that already owns 17.6 per cent of Norsat's equity, entered the fray this week with a bid at 25 cents per share above Hytera's offer. Hytera has now matched its rival’s offer and amended the break fees in line with Privet's bid. Norsat announced today that its previously adjourned shareholders meeting would resume June 22, 2017 in Richmond, B.C. Hytera, which manufactures radio transceivers and radio systems, sparked a political debate over national security risks with its acquisition proposal.

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