Platinum Equity to Acquire Covad Communications for $304-Million

7:00 am on October 30, 2007 | Category: Business, Corporate, Internet

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San Jose, California-based high-speed data provider, Covad Communications Group, announced yesterday that it had agreed to be purchased by Platinum Equity, a globally active private acquisition firm, for $304 million, or $1.02 per share.

This price represents a hefty 59% premium over Covad’s Friday closing price of $0.64 on the American Stock Exchange (AMEX). News of the proposed takeover caused Covad shares to surge 42% yesterday, to close at $0.91.

The acquisition is expected to close by the end of the second quarter of 2008.

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    Edited by Jeremy Maddock