AASTRA TECHNOLOGIES $37.48 (Toronto symbol AAH; TSINetwork Rating: Speculative) (905-760-4200; www.aastra.com; Shares outstanding: 11.8 million; Market cap: $430.6 million; Dividend yield: 2.1%) has jumped over 80% since we recommended it in our last issue.
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The stock surged because Aastra agreed to a friendly takeover offer from business communications products and software rival Mitel Networks (symbol MNW on Toronto).
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Mitel is offering $6.52 U.S. in cash and 3.6 of its common shares for each share of Aastra. Based on today’s price for Mitel stock, the offer is worth $38.60 per Aastra share.
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The stock is now trading below Mitel’s bid. That’s partly because Mitel shares have jumped 47% since the announcement and continue to rise, but it also indicates that investors are not expecting a higher bid from Mitel or another buyer.
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We’ll say more as the takeover continues to develop, but Aastra is now a hold.
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