PLAINVIEW, N.Y., 25 May 2007.Aeroflex Inc. has received a letter stating that General Atlantic and Francisco Partners waive their rights under the merger agreement to submit a revised proposal for the acquisition of Aeroflex.
The affiliate of General Atlantic and Francisco Partners further demanded payment of a fee and expenses in accordance with the merger agreement. Aeroflex will not reach a determination on whether to terminate the merger agreement with affiliates of General Atlantic and Francisco Partners until its Board of Directors meets today.
Aeroflex's special meeting of stockholders will not be held on May 30, 2007. If Aeroflex's Board of Directors determines to enter into an agreement with respect to the superior proposal received from Veritas Capital, the time of the new special meeting will be set in the near future.