Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the “Company”) has announced the expiration of the 60-day “go-shop” period pursuant to the terms of the previously announced definitive merger agreement to be acquired by Advent International (“Advent”).
As previously announced, and under the definitive terms of the merger agreement, Advent has agreed to acquire all outstanding shares of Maxar common stock for $53.00 per share in cash. The “go-shop” period expired at 11:59 p.m., ET, on February 14, 2023.
During the “go-shop” period, at the direction of the Maxar Board of Directors, Maxar and representatives of J.P. Morgan Securities LLC, financial advisor to Maxar, engaged with or actively solicited alternative acquisition proposals from 36 potentially interested third parties with respect to a possible, alternative transaction to the merger. Maxar did not receive any competing acquisition proposals during the “go-shop” period.
Upon expiration of the “go-shop” period, pursuant to the definitive merger agreement with Advent, Maxar became subject to customary “no-shop” provisions that limit Maxar and its representatives’ ability to solicit alternative acquisition proposals from third parties or to provide confidential information to third parties, subject to customary “fiduciary out” provisions.
The transaction remains subject to the satisfaction of customary closing conditions, including approval by Maxar stockholders and receipt of regulatory approvals. The transaction received U.S. antitrust clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 at the end of January and remains on track to close in mid-2023.
Upon completion of the transaction, Maxar’s common stock will no longer be publicly listed and Maxar will become a privately held company.
