ADC Telecommunications 8-K 2009
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
ADC Telecommunications, Inc.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 8.01 Other Events.
As previously announced, during the fourth quarter of our 2008 fiscal year, our board of directors approved a plan to divest our EMEA Professional Services Business ("APS Germany"). Since that time the business has been classified as a discontinued operation in our financial statements. On July 16, 2009, ADC GmbH, our wholly-owned subsidiary and the sole shareholder of APS Germany, entered into a share purchase and transfer agreement with telent Investments Limited, a U.K. based associate of telent Limited. Under this agreement telent Investments Limited agreed to purchase all of the outstanding shares of APS Germany. A closing is expected to occur during August 2009, assuming customary consents and approvals are obtained from third parties, including, but not limited to, a required anti-trust approval from the German government. While the terms of the transaction have not been disclosed, at this time, we expect to record a non-cash net loss on the sale in the amount of approximately $5.0 million, or approximately $0.05 per share.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.