Boonton Electronics terminates letter of intent and agrees to sell common shares directly GMME, S.A.PARSIPPANY, N.J.--(BUSINESS WIRE)--Dec. 6, 1995--The Board of Directors of Boonton Electronics Boonton Electronics is an American manufacturer of electronic test equipment. Originally founded in 1947 in Morris Plains, New Jersey, they are now located nearby in Parsippany. Boonton became a wholly owned subsidiary of the Wireless Telecom Group in 2000. Corporation (BEC) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Over-The-Counter Bulletin Board symbol "BOON") has agreed to terminate the letter of intent previously executed with General de Mesure et de Maintenance Electronique S.A. (GMME GMME Groupe de Météorologie à Moyenne Échelle ) which letter of intent anticipated GMME's purchase of a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in BEC for three dollars and fifty cents ($3.50) a share U.S. Upon completion of GMME's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review, a contingency of its letter of intent, GMME has determined not to proceed with the proposed tender offer. GMME, however, has agreed to invest $2,200,000 into BEC. GMME shall purchase 180,300 treasury shares from BEC together with 523,700 authorized but unissued common shares for three dollars and twelve and one-half cents ($3.125) per share. The purchase of the BEC shares is conditioned upon SEC approval and the execution of a definitive agreement by and between GMME and BEC on or before March 30, 1996. For more information, contact Boonton Electronics Corp., 25 Eastmans Road, P.O. Box 465, Parsippany, NJ 07054-0465, or call 201/386-9696; fax 201/386-9191. CONTACT: Boonton Electronics Corp. John Titterton 201/386-9696 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion