Tellabs agrees to be sold for $US891m

COMMUNICATIONS equipment maker Tellabs has agreed to be acquired for $US891 million ($A924 million) by investment firm Marlin Equity Partners.

The deal announced on Monday calls for Marlin to buy all of Tellabs shares for $US2.45 each. The stock had closed at $US2.35 on Friday, and rose 12 cents, or 5.1 per cent, to $US2.47 in premarket trading

A tender offer is expected to begin by November 1. The deal is expected to close during the fourth quarter. It requires at least half of Tellabs' outstanding shares to be tendered.

Tellabs chairman Vince Tobkin said the board decided to sell after looking at its options and after contacting more than 30 potential buyers. Tellabs is based in Naperville, Illinois.

Marlin Equity Partners partner Nick Kaiser said plans include making "significant investments in research and development" at Tellabs.

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