(Sharecast News) - Viavi Solutions confirmed on Friday that its proposed acquisition of Spirent Communications had lapsed.
The offer, first announced on 5 March, valued Spirent shares at 175p each, including a cash consideration of 172.5 and a special dividend of 2.5p per share.
Under the proposal, the acquisition was to proceed via a court-sanctioned scheme of arrangement.
Following the scheme's announcement, Spirent issued the necessary documentation to convene shareholder meetings on 1 May to approve the deal.
However, on 28 March, Spirent accepted a superior offer from Keysight Technologies, valuing the shares at 201.5p each, prompting Spirent's directors to withdraw their recommendation for the Viavi offer.
As a result, the scheduled shareholder meetings were indefinitely adjourned, failing to meet the conditions required for the Viavi scheme by the 23 May deadline.
Consequently, the offer had now officially lapsed, and Viavi had terminated the co-operation agreement.
Reporting by Josh White for Sharecast.com.
Spirent (SPT)