SRZ advised global investment firm Marlin Equity Partners in its $891 million all-cash acquisition of Illinois-based Tellabs, an industry-leading supplier of networking solutions. The deal, which was announced October 21 and is expected to close later in the fourth quarter of 2013, requires Marlin to commence a tender offer to acquire all outstanding shares of Tellabs’ outstanding common stock by Nov. 1, 2013. Promptly after the closing of the tender offer, Marlin will acquire any shares not tendered in the tender offer (other than shares for which appraisal is properly sought under applicable law) through a second-step merger at the same cash price as paid in the tender offer. The deal is among the first tender offers to use the new Delaware 251(h) statute which facilitates “two step” mergers by permitting parties entering into tender or exchange offers to “opt in” and thereby eliminate the need for stockholder approval on the second step of the merger.
The SRZ team for this transaction included mergers & acquisitions partner Richard A. Presutti, associates Lane Verlenden and Stavan S. Desai, special counsel James Nicoll and associates Beverly J. Ang and Todd B. Kornreich; employment & employee benefits partner Laurence M. Moss and Alisa H. Tschorke; finance partner Michael M. Mezzacappa and associate Ji Hye You; intellectual property, sourcing & technology associates Melissa B. Karp and Watt Wanapha; and tax partner Dan A. Kusnetz and Philip Cooke.
