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IFR Systems, Inc. (NASDAQ: IFRS) produces test and measurement systems for telecommunications and avionics markets |
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IFR was in default on $84 million of senior debt and retained TM Capital to pursue strategic and financial alternatives to restructure debt and enhance shareholder value |
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TM Capital arranged the sale of IFR to Aeroflex Inc. (NASDAQ: ARXX) for $60 million in cash and negotiated an agreement providing for the retirement of all senior debt for $49 million in cash |
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This agreement enabled Aeroflex to complete a tender offer providing a cash premium to IFR's stockholders |
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TM Capital also provided a fairness opinion in connection with the tender offer |
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