Benzinga | Jul 20, 2021 10:57AM EDT

Viavi Raises EXFO Takeover Offer To $8 Per Share

* Viavi Solutions Inc (NASDAQ:VIAV) increased the binding proposal to acquire EXFO Inc (NASDAQ:EXFO) from $7.50 to $8.00 per share.

* The offer reflects EXFO's Q3 2021 financial results in which bookings rose 47.2% year-on-year to $87 million with a book-to-bill ratio at 1.20.

* VIAVI's proposal now values EXFO at $459 million, a premium of 116% to the June 4 closing price, the last trading day before the going-private announcement. It signifies a 33.33% to the $6.00 consideration offered under the going-private transaction and 6.7% to VIAVI's previous already-superior proposal to acquire EXFO.

* VIAVI's proposal beats the $5.75 -$7.50 formal valuation range of EXFO's subordinate voting shares prepared by TD Securities Inc., acting as the EXFO Special Committee's evaluator for the going-private transaction.

* Price action: EXFO shares traded higher by 1.51% at $6.04 on the last check Tuesday.