Shareholder fight.Santa Ana's Powerwave Technologies Inc. could face a shareholder battle over its proposed $118 million buy of the commercial wireless business of Remec Inc. SACC SACC School-Age Child Care SACC South African Council of Churches SACC South Arkansas Community College (El Dorado) SACC Standard Acquisition Clauses and Conditions (Canada) SACC Sexual Assault Crisis Center Partners LP, a Los Angeles-based investment fund, said Powerwave's offer for the Del Mar-based unit is too little, setting the stage for a potential proxy fight Proxy Fight When a group of shareholders are persuaded to join forces and gather enough shareholder proxies to win a corporate vote. This is sometimes also referred to as a proxy battle. Notes: This term is mainly used in the context of takeovers. over the acquisition. The investment fund, an affiliate of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. broker-dealer B. Riley & Co., owns 7.5 percent of Remec, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent filing with the Securities and Exchange Commission. Powerwave makes radio frequency amplifiers for use in wireless phone networks. Remec has several units that make voice and data transmission gear. The company's commercial wireless unit has annual sales of $250 million. The sale also includes plants in China, Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. and the Philippines. In 2003, Powerwave closed a Santa Ana plant and moved production to plants in Asia. The deal is expected to close by the summer. Powerwave declined to comment on the filing. Neither Remec nor SACC Partners returned calls. --Orange County, Business Journal |
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