SC TO-T/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE TO-T/A

TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) or 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)

WEGENER CORPORATION

(Name of Subject Company (Issuer))

RADYNE COMSTREAM INC.
WC ACQUISITION CORP.

(Name of Filing Person (Offeror))

Common Stock, $.01 Par Value Per Share
(Title of Class of Securities)

948585104
(CUSIP Number of Class of Securities)

Richard P. Johnson
Chief Financial Officer
Radyne ComStream Inc.
3138 E. Elwood Street
Phoenix, Arizona 85034
(602) 437-9620
(Name, address and telephone number of person authorized
to receive notices and communications on behalf of filing person)

Copy to:

Steven D. Pidgeon, Esq.
Snell & Wilmer L.L.P.
One Arizona Center
Phoenix, Arizona 85004-2202
(602) 382-6300

CALCULATION OF FILING FEE

TRANSACTION VALUATION*	AMOUNT OF FILING FEE**
$21,207,373.00	$1,715.68

* Estimated for purposes of calculating the amount of the filing fee only. This amount assumes the purchase of (i) 12,341,751 shares of the common stock, par value $0.01, of Wegener Corporation, representing all of the outstanding shares of such class as of March 13, 2003 (less 100 shares of such class owned by WC Acquisition Corp.) and (ii)

	1,340,425 shares reserved for issuance upon the exercise of outstanding options to purchase common stock.
**	The amount of the filing fee, calculated in accordance with Rule 0-11(a)(2) of the Securities and Exchange Act of 1934, as supplemented by Securities & Exchange Commission Fee Rate Advisory #11 for Fiscal Year 2003, equals .00008090 multiplied by the transaction value.
	x Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid:	$1,715.68	Filing Party:	Radyne ComStream Inc./
			WC Acquisition Corp.
Form or Registration No.:	Schedule TO-T	Date Filed:	April 23, 2003

o Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

     Check the appropriate boxes below to designate any transactions to which the statement relates:

x third-party tender offer subject to Rules 14d-1.

o issuer tender offer subject to Rule 13e-4.

o going-private transaction subject to Rule 13e-3.

o amendment to Schedule 13D under Rule 13d-2.

     Check the following box if the filing is a final amendment reporting the results of the tender offer: o

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TABLE OF CONTENTS

	Item 5. Past Contacts, Transactions, Negotiations and Agreements.
	Item 12. Exhibits.
SIGNATURE
EXHIBIT INDEX
EX-(a)(14)
EX-(a)(15)

     This Amendment No. 4 to the Tender Offer Statement on Schedule TO (the “Schedule TO”), filed with the Securities and Exchange Commission on April 23, 2003, relates to an offer by WC Acquisition Corp., a Delaware corporation (the “Purchaser”) and a wholly owned subsidiary of Radyne ComStream Inc., a Delaware corporation (“Radyne ComStream”), to purchase all outstanding shares of common stock, par value $.01 per share (the “Shares”), of Wegener Corporation, a Delaware corporation (“Wegener”), at a purchase price of $1.55 per Share, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated April 23, 2003 (the “Offer to Purchase”), and in the related Letter of Transmittal (which, as amended, modified or supplemented from time to time, together constitute the “Offer”).

     The information in the Offer to Purchase and the related Letter of Transmittal is incorporated in this Amendment No. 4 to the Schedule TO by reference to all of the applicable items in the Schedule TO, except as such information is hereby amended and supplemented to the extent specifically provided herein.

     Capitalized terms used and not defined herein have the meanings specified in the Offer to Purchase and the Schedule TO.

     The item numbers and responses thereto below are in accordance with the requirements of Schedule TO.

Item 5. Past Contacts, Transactions, Negotiations and Agreements.

The following is hereby added to the end of Section 11— “Contacts and Transactions with Wegener; Background of the Offer” of the Offer to Purchase:

     On May 6, 2003, Wegener announced that its board of directors recommended that holders of Shares reject the Offer.

     On May 9, 2003, Radyne ComStream issued a press release in response to Wegener’s announcement and sent a letter to Wegener’s stockholders expressing its frustration with Wegener’s board. The full texts of the press release and the letter to Wegener stockholders are filed as Exhibit (a)(14) and (a)(15) hereto, respectively.

Item 12. Exhibits.

Item 12 is hereby amended and supplemented to add the following exhibits:

(a)	(14) Press Release issued by Radyne ComStream, dated May 9, 2003.
(a)	(15) Letter to Wegener Corporation Stockholders, dated May 9, 2003.

3

SIGNATURE

     After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Schedule TO is true, complete and correct.

Dated: May 9, 2003

RADYNE COMSTREAM INC.

By: /s/ Robert C. Fitting
Robert C. Fitting
Chief Executive Officer

WC ACQUISITION CORP.

By: /s/ Robert C. Fitting
Robert C. Fitting
President

4

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
(a)(1)	Offer to Purchase, dated April 23, 2003*
(a)(2)	Form of Letter of Transmittal*
(a)(3)	Notice of Guaranteed Delivery*
(a)(4)	Letter to Brokers, Dealers, Commercial Banks, Trust Companies, Commercial Banks and Other Nominees*
(a)(5)	Form of Letter to Clients for Use by Brokers, Dealers, Trust Companies, Commercial Banks, and Other Nominees*
(a)(6)	Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9*
(a)(7)	Summary Advertisement as published on April 23, 2003 and appearing in the New York Times and the Atlanta Journal-Constitution*
(a)(8) (a)(9)	Press Release issued by Radyne ComStream, dated April 21, 2003* Letter to Wegener Corporation Stockholders, dated April 23, 2003*
(a)(10)	Complaint filed in the United States District Court for the District of Delaware on April 24, 2003*
(a)(11)	Complaint filed in the Chancery Court, New Castle County, Delaware on April 24, 2003*
(a)(12)	Press Release issued by Radyne ComStream, dated April 28, 2003.*
(a)(13)	Press Release issued by Radyne ComStream, dated May 2, 2003.*
(a)(14)	Press Release issued by Radyne ComStream, dated May 9, 2003.
(a)(15)	Letter to Wegener Corporation Stockholders, dated May 9, 2003.
(b)	None
(d)	Not applicable
(g)	Not applicable
(h)	Not applicable

* previously filed

5 EX-99.A.14 3 p67835exv99waw14.htm EX-(A)(14)

Exhibit (a)14
PRESS RELEASE

Radyne ComStream Responds to Wegener’s Board of Directors Measures Designed to
Prevent Wegener’s Stockholders from Accepting Radyne’s
Premium Offer

Radyne ComStream Maintains Commitment to Pursuing Tender Offer, Says
Wegener Executives Line Pockets With What Could be Millions of Dollars

PHOENIX, AZ – May 9, 2003 — Radyne ComStream Inc. (Nasdaq: RADN; Warrants: RADNW), today expressed its disappointment that the board of directors of Wegener Corporation (Nasdaq: WGNR) had adopted a number of measures designed to prevent its own stockholders from selling their stock at a significant premium, while at the same time implementing huge severance packages for senior executives.

Bob Fitting, Radyne ComStream’s Chief Executive Officer said, “It is evident from the board’s refusal to recommend our premium cash offer of $1.55 per share, failure to even consider engaging in discussions with us, and blatant attempts to impede shareholder democracy, that Wegener’s board is not seriously committed to realizing stockholder value.”

Mr. Fitting added, “We are absolutely shocked that Wegener’s management would take this opportunity to execute severance agreements for themselves. By ensuring themselves a payout of over a million dollars, and potentially several million dollars, in the event the stockholders support our offer, management has effectively shifted money out of the pockets of stockholders and into the pockets of management. We are stunned that these measures were adopted in the face of our communication that we would be willing to negotiate the price of our offer if the Board would engage in substantive discussions. Frankly, we thought Boards were beholden to stockholders, not management.”

Radyne ComStream also announced that it sent a letter to Wegener’s stockholders expressing its frustration with Wegener’s refusal to allow Wegener stockholders to make their own decision on the adequacy of the offer. The letter also described why Radyne ComStream believes that $1.55 per share represents an attractive alternative to a continued investment in Wegener especially given management’s inability and seeming unwillingness to support the price of the stock.

Mr. Fitting noted, “The opinion of their financial advisor that suggests our offer is inadequate was based on the projections and forecasts provided by management that the advisor simply assumed were capable of being achieved. Given management’s track record, we think the stockholders should have the right to choose between continued investment in Wegener and its questionable ability to achieve its long-term strategy, and the receipt of $1.55 per share in cash today. And, we intend to do everything we can to afford stockholders with that choice.”

Notice for Wegener Stockholders

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer is being made only through an offer to purchase and related letter of transmittal, each of which were filed with the Securities and Exchange Commission on April 23, 2003. Wegener stockholders and other interested parties are urged to read Radyne ComStream’s tender offer statement and other relevant documents filed with the SEC because they will contain important information. Investors and stockholders may obtain a free copy of these statements and other relevant documents at the SEC’s Web site, www.sec.gov, or from Radyne ComStream Inc. at 3138 East Elwood Street Phoenix, AZ 85034, Attn: Investor Relations.

About Radyne ComStream

Radyne ComStream designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, microwave and cable communication networks. The company, through the Tiernan subsidiary (www.tiernan.com), is a supplier of HDTV and SDTV encoding and transmission equipment. The Armer subsidiary (www.armercom.com) provides innovative solutions for the integration and installation of turnkey communications systems. The company has offices in the U.S. located in Phoenix, San Diego and Boca Raton, and internationally in Singapore, Beijing, Jakarta and London. The company also has sales and/or service centers in Rio de Janeiro, Bangalore, Shanghai and Moscow. For more information visit our web site at www.radn.com.

Contact: Rich Johnson, Chief Financial Officer, Radyne ComStream, 602.437.9620

Safe Harbor Paragraph for Forward-Looking Statements

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”) and Radyne ComStream claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” “intends” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to those that relate to consummation of the tender offer and any subsequent merger, together with any other statements that are not historical. These statements are based on management’s current expectations and involve risks and uncertainties which include whether the conditions to the tender offer will be satisfied, and the application of certain anti-takeover provisions contained in Wegener Corporation’s Certificate of Incorporation and in the Delaware General Corporation Laws. Radyne ComStream wishes to caution the reader that these factors, as well as other factors described in Radyne ComStream’s SEC filings, are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements.

Other factors that may affect forward-looking statements and the Company’s business generally include but are not limited to:

• Radyne ComStream’s failure to obtain at least a majority of Wegener’s outstanding shares of common stock in the tender offer;

• Radyne ComStream’s inability to remove or overcome defensive measures that are currently existing or that are implemented by Wegener’s board of directors;

• Prospects of the international markets and global economy given that Radyne ComStream depends heavily on international sales.

• A downturn in the evolving telecommunications and Internet industries.

• Risk factors and cautionary statements made in Radyne ComStream’s Annual Report on Form 10-K for the period ended December 31, 2002.

• The effect that acts of international terrorism may have on Radyne ComStream’s ability to ship products abroad.

• Other factors that Radyne ComStream is currently unable to identify or quantify, but may exist in the future.

Forward-looking statements speak only as of the date the statement was made. Radyne ComStream does not undertake and specifically declines any obligation to update any forward-looking statements.

###

EX-99.A.15 4 p67835exv99waw15.htm EX-(A)(15)

Exhibit (a)(15)

May 9, 2003

Dear Wegener Corporation Stockholder:

      By now you should have received the response of Wegener Corporation’s board of directors to our all cash, premium offer to you, Wegener’s stockholders. Our offer is for $1.55 per share, a full 70% above trading prices prior to our offer. We hope that you are just as outraged as we are with the measures taken by the board and management — measures designed to line the pockets of management, while at the same time preventing you from obtaining fair value for your stock.

      It is ironic that your Board has just now, in the face of our offer to you, swung into action — to prevent you from accepting our premium price! According to their public filings, last year your board met as a collective body (including by telephone) only ONCE! And, did you know an investment of $10,000 in Wegener five years ago was worth just $2,850 prior to our offer? Does this sound like a board that is concerned with the state of Wegener or the maximization of your investment? Isn’t it time that you let the board know how upset you are with their past complacency and recent actions to stifle shareholder democracy?

      The names, email addresses and phone numbers of your board are attached. Please consider asking your board and management the following:

      1.     Why did you just adopt severance agreements designed to result in payouts of potentially millions of dollars for senior executives in connection with Radyne ComStream’s offer (we are guessing at these amounts since Wegener was careful not to disclose them).

      2.     Why did you adopt corporate measures designed to prevent stockholders from obtaining, in the aggregate, almost $8 million in premiums over the stock price management has been able to muster in the marketplace, a trading price that management has admitted is a source of frustration: “Our stockholders no doubt have shared our frustration [over] historical trading prices.”

      3.     Why does management think it can raise the stock price after years of declining or flat revenues and earnings? They point to introductions of new products and technologies, but their own disclosures recognize that:

      “[T]he Company’s actual results could differ materially from expected or inferred results,” and “[T]he Company’s current expectations and assumptions...are subject to a number of risks and uncertainties, including but not limited to customer acceptance and effectiveness of the Company’s new products.”

      THE BOARD HAS ADOPTED A “JUST SAY NO” DEFENSE STRATEGY. HELP US HELP YOU — JUST SAY “NO” TO THEIR SELF-INTERESTED ACTIONS!

      To elaborate, let’s discuss our offer and your board’s actions.

Attractive Price

      We believe that $1.55 per share is a full and fair price for Wegener’s stock. Again, we point out that the offer price represents a 70% premium to the average closing price of Wegener common stock over the 30 trading days preceding the announcement of our offer. According to a recent survey conducted by a national investment banking firm, from 1994 to 2000 median premiums were just 30.7% in transactions of this type, relative to the preceding 30 days trading average. Our offer is more than double this amount.

      In its public statements, Wegener has suggested that the current market price of its stock does not accurately reflect its true value or the potential commercial value of Wegener’s products. Wegener also urges you to permit management to continue to attempt to execute on its business plan. Why should you, when they have had plenty of opportunities in the past, and failed?

      Wegener’s management is asking you for more time to allow it to promote and sell its latest set of products. Time and time again over the past several years it has had this opportunity. The result? A stock price under $1.00 until we showed up. To provide specific examples, on February 27, 2003 and April 8, 2003, Wegener issued press releases officially unveiling two of the new products that it is touting to justify its recent actions — the UNITY4650 IRD® and the MediaPlan i/o®. According to the Company’s April announcement, MediaPlan i/o® completed the Company’s new and improved suite of products. This exciting news was embraced not by enthusiastic support and a corresponding increase in the stock price, but by utter indifference. In fact, the stock price actually declined.

Failed Promises

      It is worth highlighting that management’s undistinguished record has manifested itself in Wegener’s financial numbers and results of operations. As the adage goes, numbers don’t lie.

      For the six months ended February 28, 2003, the company’s revenues were down 23% and only two customers accounted for nearly half of these revenues. And, of the company’s backlog, just one customer accounted for nearly 75%. According to management, this precarious trend of relying on just a few large customers is actually part of its ongoing strategy and a component of the business plan they promise will garner greater value than what Radyne ComStream offers you today, in cash! Additionally, in the same latest six-month period, Wegener lost $250,000. This poor performance is not a recent, isolated situation. It is an annual trend.

Wegener Corporation Results of Operations

	For the six months
	ended February 28,
	2003		2002		2001		2000		1999		1998
	(in thousands)
Revenues		$9,164	$	23,459		$20,353		$22,894	$	25,259	$	34,255
Net earnings		-$ 252	$	808		-$ 1,976		-$ 3,329	$	213	$	2,760

      You are being forced to forego receiving cash today at a premium to a stock price that has been consistently low and stagnant. In return, you are asked to stake your investment on the dubious claims of a management team that has, to date, delivered only unfulfilled promises and a poor record of performance.

Questionable Fairness Opinion

      We also believe that the “fairness” opinion of the financial advisor hired by the board is unreliable for the following reasons:

•  The lion’s share of their $200,000 fee was payable only after receipt of the opinion. This clearly calls into question the independence of the advisory firm;

•  The opinion was apparently prepared in just four business days;

•  The advisor based its opinion on projections and forecasts provided by management that it “assumed” were capable of being achieved.

•  The advisor did not opine as to, nor apparently ever investigate, the reasonableness of management’s projections and forecasts;

•  Wegener has scrupulously not publicly released these projections or forecasts to you; and

•  Wegener has not commented on what price it believes would be “fair” to stockholders from a financial point of view.

      We remain convinced that the price we offer is eminently fair. Moreover, we are confident that the $1.55 cash premium we are offering will not be achieved in the marketplace in the foreseeable future by this management team.

Damaging Anti-Takeover Devices

      Robert Placek, your Chief Executive Officer, stated in his most recent press release that our offer only serves to “waste resources that could otherwise be deployed to enhance stockholder value.” The truth of the matter is that Radyne is offering you greater stockholder value than management has been able to deliver you. Moreover, consider the irony of this statement in light of recent board actions, measures that will truly waste Wegener’s — and, ultimately, your — assets:

•  Large severance packages that, if triggered, would provide management with payouts equal to 250% of their salary and bonus, resulting in the receipt by management of potentially millions of dollars. This self-serving package would effectively put money into the pockets of management otherwise set aside for you, impeding our ability to increase our cash offer;

•  Additionally, the severance agreements provide management with the ability to force the company to repurchase their options. This modification may result in an immediate compensation charge to Wegener’s earnings, as well as ongoing charges — charges that did not exist prior to adoption of the severance packages. Is this a board focused on improving earnings?;

•  A poison pill instrument that can’t be fully implemented in any traditional sense, likely requiring a stripping out of company assets, and that seems to exempt Mr. Placek, the CEO, from any negative consequences; and

•  Bylaw amendments that serve only to make it more difficult for you (and us) to exercise our rights as stockholders of the company.

We Offer Immediate Realization of Value

      Wegener’s assertion that its business plan will deliver greater value to you than our offer is unsupported and highly unlikely given management’s track record. In order to achieve a stock price of $1.55 from its pre-offer trading price of $0.89, Wegener would have to increase its stock price by an average annual rate of 33% over the next two years.

Do you really believe that Wegener’s management will be successful in fulfilling its promises, when it has not produced any tangible benefit to stockholders in years? The alternative that Radyne ComStream is offering is both tangible and simple — cash today at an enormous premium to a stagnant market price.

      We urge you to call upon your board of directors to act in your best interest and allow you to make a choice to tender in our offer, free of their legal maneuvers. We ask your board publicly to agree that, if sufficient shares are tendered such that our minimum condition is satisfied, Wegener Corporation will fully cooperate with Radyne ComStream and take steps within its control to facilitate the consummation of our offer and a subsequent merger. Remember, the stock we seek to purchase belongs to you, not the board or management.

      If you have any questions about our offer, please call me or our CFO, Rich Johnson, at (602) 437-9620, or Georgeson Shareholder Communications, Inc., for banks and brokers at (212) 440-9800; for all others (toll free) at (866) 203-9357.

Very truly yours,

/s/ Robert C. Fitting

Robert C. Fitting

Chief Executive Officer

cc: Wegener Corporation Board of Directors

(1)	Robert A. Placek — Chairman, CEO & President, rplacek@wegener.com, 770.814.4010
(2)	C. Troy Woodbury, Jr. — Chief Financial Officer & Treasurer, cwoodbury@wegener.com, 770.623.0096
(3)	Ned L. Mountain — Executive Vice President of WCI, nmountain@wegener.com, 770.814.4000
(4)	Wendell Bailey — Director, info@wegener.com, 770.814.4000
(5)	Joe K. Parks — Director, info@wegener.com, 770.814.4000
(6)	Thomas G. Elliot — Director, info@wegener.com, 770.814.4000

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