Viavi Solutions' Offer for Spirent Lapses

Viavi Solutions Acquisitions Limited's ("Viavi Bidco") offer for Spirent Communications plc ("Spirent") has lapsed as of May 23, 2024. The initial offer by Viavi Bidco was to acquire the entire issued and to be issued share capital of Spirent for an acquisition value of 175 pence per Spirent Share. However, on March 28, 2024, Spirent's board withdrew their recommendation of the Viavi Offer, and on the same day, reached an agreement with Keysight Technologies Inc. ("Keysight") for a recommended cash offer to acquire Spirent for an acquisition value of 201.5 pence per share.

The Viavi Scheme Shareholder Meetings, initially scheduled for May 1, 2024, were adjourned indefinitely, leading to the lapse of the Viavi Scheme on May 23, 2024. This lapse was due to certain conditions outlined in the Scheme Document not being satisfied by the specified date.

As a result, Viavi Bidco has served notice to terminate the Co-operation Agreement. This turn of events marks a significant development in the acquisition process of Spirent Communications plc. Today the company's shares have moved 0.6% to a price of $7.42. For more information, read the company's full 8-K submission here.

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