BURNABY, B.C., 4 May 2007.Spectrum Signal Processing Inc. has been acquired by Vecima Networks Inc. in a transaction valued at roughly $10 million Canadian. As a result of the arrangement, Spectrum Signal Processing Inc.becomes a wholly-owned subsidiary of Vecima.
Spectrum shareholders could elect to receive the consideration in cash, Vecima shares, or some combination of cash and Vecima shares, subject to maximum aggregate cash consideration of $10,075,000 Canadian and a maximum of 820,000 Vecima shares.
The arrangement was approved by Spectrum shareholders at a special meeting held on April 20, 2007, where more than 92 percent of Spectrum shareholders represented at the meeting voted to approve the arrangement.
