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API Technologies Corp., a provider of electronic systems, subsystems, RF, and secure communications products and services for defense, aerospace, and commercial applications, announced the successful completion of its acquisition of Spectrum Control Inc.
API completed the acquisition through a merger of a wholly-owned subsidiary with and into Spectrum. As a result of the merger, all outstanding shares of Spectrum common stock were converted into the right to receive $20.00 per share in cash, without interest and less any required withholding taxes. API's payment agent will mail to Spectrum record stockholders materials necessary to exchange Spectrum stock certificates for such payment. As a result of the Merger, Spectrum shares ceased trading on the NASDAQ Global Select Market.
The closing of the acquisition of Spectrum allows API to gain significant expertise in RF, sensors and measurement, and power systems management technology, as well as provides significant scale, manufacturing capacity, and product diversity.
Bel Lazar, President and Chief Operating Officer of API, commented, "Spectrum offers one of the widest ranges of RF product solutions worldwide, which complements our existing business in engineered systems and subsystems, and secure communications. With this business combination, we will offer an even broader range of high-reliability solutions to meet technically demanding applications."
Brian Kahn, Chairman and CEO of API, stated, "We are very pleased to have completed the acquisition of Spectrum, which is one of the premier developers, designers, and manufacturers of high-performance, custom solutions for defense, aerospace, industrial, communications and medical customers worldwide. I want to personally welcome the Spectrum team to API, where together we will continue our strategy of building the premier products, solutions and services to meet the diverse needs of our global customer base."