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Subsequent Event
3 Months Ended
Mar. 31, 2012
Subsequent Event

Note 13 – Subsequent Event

 

On May 14, 2012, the Company entered into a definitive merger agreement with Kelta, Inc., (“Kelta”) pursuant to which Kelta will acquire all of the outstanding shares of common stock of Tii Network Technologies for $2.15 a share. In addition, on the effective date of the merger, all the Company’s outstanding stock options will vest and become exercisable and, in exchange for the cancellation of each stock option, the holder will receive a cash payment for the excess, if any, of $2.15 over the option’s exercise price per share. The total merger consideration is approximately $33.1 million. Kelta is the Company’s contract manufacturer for substantially all of its products. Consummation of the merger is subject to certain conditions, including, but not limited to, the adoption of the merger agreement by the Company’s stockholders.