Planar Systems Gets U.S. Antitrust Approval For Acquisition By Leyard

(RTTNews) - Planar Systems Inc. (PLNR) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), applicable to its proposed acquisition by Leyard Optoelectronic Co., Ltd., was terminated early by the United States Federal Trade Commission on September 17, 2015.

On August 12, 2015, Leyard and Planar have entered into a definitive merger agreement, pursuant to which a U.S. affiliate of Leyard will acquire all of the common stock of Planar for a purchase price of $6.58 per share. Termination of the HSR waiting period is one of the specified conditions to which closing of the proposed acquisition is subject.

Closing of the acquisition, subject to satisfaction of remaining specified conditions, is expected to occur in the fourth calendar quarter of 2015.