http://www.anadigics.com/news/press_releases/anadigics_announces_competing_bidder_has_made_superior_offer_acquire_company_062
In accordance with the terms of the GaAs Labs Merger Agreement, ANADIGICS has notified GaAs Labs of Party A's January 5, 2016 Proposed Amended Merger Agreement and the determination of the Company's Board of Directors that said Proposed Merger Agreement constitutes a Superior Offer under the GaAs Labs Merger Agreement. As provided in the GaAs Labs Merger Agreement, GaAs Labs has two (2) business days in which to deliver to the Company an acquisition proposal that would cause Party A's January 5, 2016 Proposed Amended Merger Agreement to no longer constitute a Superior Offer.
I beleive 48 hours from the announcement by Anadigics telling GaAs labs it decided the .62 offer was superior which was done on January 5th as stated above
-DC
