Newport Electronics Chairman to Sell Stake to Eastern Investor
Newport Electronics Inc. Chairman Barret B. Weekes plans to sell his 18.6% stake in the Santa Ana company to a Connecticut investor, spurning the recommendation of Newport’s board to accept a buyout proposal from a Silicon Valley firm.
Newport Electronics said Tuesday that Weekes informed the company he will tender his 214,722 shares to High Technology Holding Corp., a company headed by Milton B. Hollander, who has offered to pay $11 per share for 35% of Newport’s stock.
Newport’s board recently rejected Hollander’s offer in favor of a tender offer and merger proposal from Sensor Control Corp., a Sunnyvale firm. Sensor has offered to buy 43% of Newport’s stock for $9.75 per share, and to buy the remaining shares for $9 each in a merger.
Separately, Norman Gray, a company director, said that he and his wife will also tender their 69,356 shares, or 6% stake, to Hollander’s firm.
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