Acquisition accomplished: mercury completes purchase of Micronetics.
Mercury-based in Cheimsford, Mass.-acquired the Hudson-based microwave defense contractor for $14.8 per share. Mercury used its cash on hand to pay the shareholders $71.7 million, as well as Micronetics' $3.2 million debt.
"We're extremely pleased that the Micronetics transaction was completed on schedule; the next step is executing a seamless integration," said Mark Aslett, president and CE0 of Mercury.
The closing came a week after Micronetics settled several class-action suits, which claimed that the company was on the upswing and could have gotten a better deal. The suits also said that not enough details were disclosed in the proxy.
The company ended its last full quarter as a separate company with a net loss of $169,000, or 4 cents a share, as opposed to $564,000 profit in the same quarter the previous year. Sales were slightly up: $10.6 million as opposed to $10 million even, so merger expenses might have made the difference.
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|Title Annotation:||Mercury Computer Systems; Micronetics Inc.|
|Publication:||New Hampshire Business Review|
|Article Type:||Brief article|
|Date:||Aug 24, 2012|
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