ADCT had a rough day on Wednesday, trading down almost 20% to close the session at $17.92 after the company announced that they would be purchasing Andrew Corp. for $2 billion in stock. Under the deal, each share of ANDW will be exchanged for 0.57 shares of ADCT, a 30% premium to ANDW’s closing price on Tuesday. Analysts seemed less than thrilled with the buyout, with Merriman Curhan Ford downgrading the stock to neutral. Analysts seemed to think that ADCT was overpaying for ANDW. The market agreed, punishing ADCT right from the open. Volume was high on Wednesday, with over 25 million shares of the stock changing hands, compared to a normal daily average of just over 1.4 million shares traded.
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