HUDSON — Chelmsford, Mass.-based Mercury Computer Systems Inc. will buy Micronetics Inc. of Hudson for $75.4 million, including $3.7 million of net debt, the companies said in a press release.
The deal values Micronetics at $14.80 per share, a 98 percent premium over Micronetics’ $7.49 per-share closing price Friday on Nasdaq.
“Micronetics’ unique microwave and RF (radio frequency) capabilities will enhance our integrated digital and RF subsystem solutions for existing and next-generation defense and intelligence programs,” Mark Aslett, president and CEO of Mercury, said in a statement.
The system, , he said, is “unique” in the marketplace and in high demand by defense customers.
The deal must be approved by Micronetics’ shareholders as well as pass federal anittrust clearance.
Mercury Computer Systems said it expects the deal to close by Sept. 30.
Despite the 98 percent purchase premium, a New York-based firm specializing in securities lititgation issued a press release Monday saying it was investigating the deal on behalf of investors.
“The investigation concerns whether the Micronetics directors are breaching their fiduciary duties by failing to adequately shop thecCompany and maximize shareholder value,” Pomerantz Haudek Grossman & Gross LLP said in the release.
Micronetics had 208 employees as of March 31, including manufacturing sites in Hudson; West Caldwell and Ewing, N.J.; and Manteca, Calif.
Last year, Mercury bought another RF communications business, LNX Corp. of Salem, for $31 million in cash.
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On the Net:
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