A high-tech company founded in Syracuse nearly fifty years ago is being sold in a merger for $380 million to an investment company.
Shareholders of Anaren, Inc. will see large gains after the company is acquired by Veritas Capital for $28 per share.
The transaction is valued at $381 million.
Before news of a possible sale surfaced this summer, stock prices for Anaren closed on April 15 at $19.61 per share.
With the rise in share prices, several of the companies major shareholders will make millions off the merger.
Anarenâ??s President and CEO Larry Sala owns 446,933 shares in the company, according to Yahoo! Finances Insider Roster. After the sale, Sala's share value jumped from $11,133,101 to $12,514,124, meaning Sala's stands to make about $1.4 million from the transfer.
Vintage Capital Management owns 1,684,000 shares in the company, meaning the transfer will bring them more than $5 million.
Anaren is an international company with its primary plant located in DeWitt. It employs 860 people.
The company builds components for space and defense companies and the wireless communications industry.
News of the deal sent Anaren stock upwards on Monday. Shareholders must still approve the agreement.
Sala says the company will continue to support all the customers, markets, and product areas it is already involved in.