Naperville-based Tellabs announces acquisition
NAPERVILLE, Ill. (AP) — Communications equipment maker Tellabs Inc. has announced that a California investment firm is acquiring the Naperville-based telecom equipment company for $891 million.
Crain’s Chicago Business reports (http://bit.ly/1gxIRbD ) that Los Angeles-based Marlin Equity Partners has agreed to pay $2.45 per share in cash.
A statement from Tellabs says the company’s board of directors has unanimously approved the transaction. The statement says Michael J. Birck, Tellabs’ co-founder and second-largest stockholder, has said he supports the transaction.
Tellabs says the board conducted a “thorough review of Tellabs’ strategic alternatives” and contacted more than 30 potential buyers as part of a competitive bidding process.
Information from: CRAIN’S CHICAGO BUSINESS.