SatixFy Gets Higher Offer From MDA Following Rival Bid

MT Newswires Live05-20

SatixFy Communications (SATX) and MDA Space said Tuesday that MDA has raised its offer to acquire SatixFy to $3 per share in cash, valuing the company at about $280 million, from the original bid of $2.10 per share.

MDA and SatixFy amended their original merger agreement after SatixFy received an alternative offer valuing SatixFy at roughly $233.5 million, or $2.53 per share, the companies said. MDA contested the validity of the competing proposal.

In exchange for the higher offer, SatixFy has agreed not to consider further acquisition proposals and to maintain board support for the MDA deal, according to a statement.

The companies said that SatixFy shareholders holding around 57% of the company's shares have committed to vote for the revised deal. A shareholder meeting to vote on the merger has been postponed to May 23 to allow time for updated disclosures, the companies added.

Shares of SatixFy were up more than 42% in recent Tuesday trading.

Price: 2.91, Change: +0.87, Percent Change: +42.65

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