NEW YORK-Frequency Electronics Inc., Mitchell Field, N.Y., a developer of precision time and frequency-control products for communications networks, said earlier this month it has offered to purchase Datum Inc. of Irvine, Calif., for about $58 million in either cash or its own stock.
Datum designs, manufactures and markets high-performance time and frequency products used to synchronize the flow of information to telecommunications networks.
“We strongly believe the combination … will form a global leader in time and frequency products for wireless, wireline, Internet and space applications,” Martin B. Bloch, Frequency’s president and chief executive officer, said of his company’s proposal to Datum’s board of directors.
The offer represents “a premium of 41.2 percent over the average closing price for Datum (stock) for the past 30 business days,” the Frequency Electronics announcement said.
Frequency Electronics said it retained TM Capital Corp. as its financial adviser and Cadwalader, Wickersham & Taft as special counsel.
