CommScope won't sweeten offer for Andrew
Earlier this week, Andrew rejected CommScope's unsolicited bid of $9.50 per share. Andrew and ADC have also agreed not to pursue their merger-in-progress. That break up will cost Andrew $10 million, and $65 million more should Andrew decide to sell to another company during the next 12 months.
Andrew's spurning of CommScope led to speculation that CommScope might decide to sweeten its offer.
"After careful consideration with our advisors, CommScope has decided not to pursue its proposal to acquire Andrew Corp. at the present time," CommScope said, in a prepared statement.