KRONE Communications becomes subsidiary of ADC GmbH (KRONE GmbH)

KRONE Communications Ltd has announced that the Company is a subsidiary of ADC GmbH (KRONE GmbH). ADC GmbH in turn is an indirect subsidiary of ADC Telecommunications, Inc., a Minnesota corporation of the USA. ADC Telecommunications, Inc., is currently in the process of formalizing a merger of one of its wholly owned subsidiary other than ADC GmbH (WOS) with Andrew Corporation (listed in NASDAQ : ANDW) as a result of which Andrew Corporation would merge with the WOS.

Under the transaction, which is subject to approval of shareholders of both ADC and Andrew as well as certain regulatory approvals, Andrew Corporation shareholders immediately prior to the merger will surrender their shares in Andrew Corporation for shares of ADC Telecommunications, Inc. As a result, Andrew Corporation, which will survive the merger, will become a wholly owned subsidiary of ADC Telecommunications, Inc. The shareholders of ADC Telecommunications, Inc., immediately prior to the closing of the merger will hold over 55% of the outstanding shares of ADC Telecommunications, Inc., immediately after the closing of the merger. The shareholders of Andrew Corporation immediately prior to the closing of the merger will hold the remaining shares of ADC Telecommunications, Inc., immediately after the dosing of the merger.

Source : Equity Bulls

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