Multiband Corp., a cable and satellite television installation company based in Minnetonka, has reached a deal to be acquired by Texas-based Goodman Networks for roughly $116 million in cash, the Star Tribune reports.
Under the terms of the agreement, Multiband can solicit higher bids for 45 calendar days.
If Multiband takes a superior offer, it would be required to pay Goodman Networks a breakup fee of $5 million to $6 million, depending on timing, according to a news release.
Multiband will be operated as a wholly-owned subsidiary of Goodman Networks and Jim Mandel will continue his role as CEO after the transaction closes.
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