BOULDER, Colo., Sept. 5, 2008 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that it is investigating the proposed acquisition of Eagle Test Systems, Inc. ("Eagle Test") (Nasdaq:EGLT).
On September 2, 2008, Eagle announced that it has entered into a definitive merger agreement under which Teradyne, Inc. (NYSE:TER) will acquire Eagle Test. Under the terms of the agreement, Eagle Test shareholders will receive $15.65 per share in cash. The aggregate purchase price is expected to be approximately $250 million. The acquisition is expected to close in the fourth quarter of 2008. After the closing, Eagle Test will no longer be publicly traded and will instead be run as a business unit within Teradyne's Semiconductor Test Division.
The proposed merger includes deal protection devices including a no solicitation clause that prevents Eagle Test from providing confidential company information to or negotiating with competing bidders and a termination fee provision that requires Eagle Test to pay Teradyne, Inc. a termination fee of $11.5 million if the merger agreement is terminated. Additionally, as of August 26, 2008, Eagle Test's directors and executive officers beneficially owned approximately 9.22 million shares, or 40.0%, of Eagle Test's common stock.
If you currently own Eagle Test common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.