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Anaren To Acquire AML Communications, Inc.

Stocks in this article: AMLJ ANEN

Anaren, Inc. (Nasdaq: ANEN) and AML Communications, Inc. (OTCBB: AMLJ) today jointly announced the signing of a definitive merger agreement whereby Anaren, through a subsidiary, has agreed to acquire all of AML’s outstanding shares of common stock for $2.15 per share in an all-cash transaction, representing an equity value of approximately $29.3 million and an enterprise value of approximately $22.6 million. AML is based in California and is a leading provider of microwave amplifiers and integrated assemblies for defense electronics applications. Upon completion of the acquisition, AML will become a wholly owned subsidiary of Anaren and will be reported within Anaren’s Space & Defense Group. C. K. Cooper & Company served as financial advisor to AML Communications, Inc. on this transaction.

The transaction has been unanimously approved by the Board of Directors of each company. The acquisition is subject to various closing conditions, including, among other things, the approval of AML’s stockholders. The transaction will be funded by Anaren’s current cash and investments and is expected to close during Anaren’s fiscal 2011 fourth quarter ending June 30, 2011. Anaren anticipates that the acquisition will be accretive to Anaren within the first year of the transaction’s completion.

Lawrence A. Sala, Chairman, President and CEO of Anaren said, “We are very pleased to have reached this agreement with AML and believe the acquisition is consistent with Anaren’s growth, profitability, and innovation strategies. AML’s leading, microwave amplifier technology is an excellent fit for the Space & Defense Group’s strategy to expand its technology base in order to capture a broader array of subsystem opportunities at our defense OEM customers.”

Jacob Inbar, Chairman, President and CEO of AML said, “We are excited about joining the Anaren team and the many new business and technology opportunities we can jointly pursue as a result. Moreover, the transaction provides our shareholders a significant premium to the recent trading price of their common stock. Being part of a larger organization will offer new and exciting opportunities for our employees; and we are confident AML’s current customers will benefit from our combined broader technology portfolio and manufacturing capabilities made possible by the acquisition.”

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