ATSC, Salient merger completion expected today
- By David Hubler
- Mar 30, 2012
ATSC Corp. and Salient Federal Solutions Inc. are on the verge today of completing their previously announced merger with the expiration yesterday of Atlas Merger Subsidiary’s tender offer to purchase all outstanding shares of ATSC common stock at a price of $3.20 per share, or approximately $73 million.
On February 21, ATSC announced that it had entered into a definitive merger agreement with Salient, and one week later Salient began a cash tender offer to acquire ATSC's outstanding shares of common stock, according to a March 30 joint announcement.
The tender offer expired Thursday at 11:59 p.m., New York City time.
As of the expiration time, 22.5 million shares of ATSC common stock had been validly tendered, representing approximately 97 percent of the outstanding shares of ATSC.
In accordance with the definitive merger agreement, Salient is in the process of effecting a "short-form" merger under Delaware law, pursuant to which Salient will merge with and into ATSC.
The merger is expected to occur today.
As a result of the merger completion, ATSC's common stock will cease trading on the NYSE Amex, the joint statement said.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.