10/9/2002 - Datum announced that its Board of Directors has determined not to pursue an unsolicited, non-binding, conditional offer made by Frequency Electronics, Inc. (FEI) to acquire all the outstanding common stock of Datum for a price per share of $2.00 in cash and one share of FEI common stock.
This offer was received by Datum's Board on September 26, 2002, and after careful deliberation, as well as consultation with management and its financial and legal advisors, the Board has rejected the offer as being grossly inadequate. The Board believes that the strategic benefits of the currently pending merger with Symmetricom far exceed those that may result from a combination with FEI. Furthermore, the costs related to FEI's proposed transaction make the proposal from FEI a far less attractive offer when compared to Datum's pending merger with Symmetricom.
Erik van der Kaay, Chairman and CEO of Datum stated, "We are very familiar with FEI and its business, and have high regard for that company's management team. However, we remain convinced that the planned merger with Symmetricom is in the best long-term interest of Datum shareholders. We continue to believe that the strategic and economic rationale for our pending merger offers the best potential for enhancing shareholder value."
Datum designs, manufactures and markets a wide variety of high-performance time and frequency products used to synchronize the flow of information in telecommunications networks. The Company is also a leading supplier of precise timing products for computing networks, satellite systems, electronic commerce, and test and measurement applications.
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