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Associated Press
Phazar Shares Soar on Canceled Buyout
Friday November 19, 2:03 pm ET
Phazar Shares Soar 46 Percent on Cancellation of YDI Wireless' Planned Acquisition
NEW YORK (AP) -- Shares of Phazar Corp. soared 46 percent Friday following the termination of YDI Wireless Inc.'s planned acquisition of the antenna maker.
Late Thursday, the companies said they were pulling out of the deal, which was scheduled to close by Nov. 30. YDI, a maker of wireless communications equipment, agreed to pay Phazar $100,000 and to transfer certain equipment to the Mineral Wells, Texas, company.
The two companies said they released each other from all other obligations related to the merger.
YDI, which now operates as Terabeam Wireless following a recent merger with that company, first reported a year ago that it planned to buy Phazar in an all-stock deal that would give YDI an 87 percent stake in the antenna company. YDI said in June that it would pay Phazar $350,000 if the acquisition did not close by Nov. 30 due to other acquisitions or its merger with Terabeam.
YDI previously said it was looking to the Phazar acquisition to broaden its product line and diversify its customer base with the inclusion of Phazar's government clients.
In recent trading on the Nasdaq, Phazar stock was up $2.24, or 38.6 percent, at $8.06 while shares of Falls Church, Va.-based YDI fell 25 cents, or 9.3 percent, to $2.43.