Colorado Investor Extends California Amplifier Bid

A Colorado investor extended his $3-a-share tender offer for the stock of California Amplifier Inc. and waived one of his conditions for purchasing any tendered shares.

Charles W. Ergen, who already owns 5.9% of the Camarillo-based maker of home satellite dishes, said he extended the offer to Oct. 7. It had been set to expire last Friday.

Ergen also waived a condition that he would not buy any stock unless enough shares were tendered to give him a controlling stake in the company.

If Ergen bought all of California Amplifier’s remaining stock, it would cost about $12.5 million. However, the company--which has rejected his offer as inadequate--also has adopted a “poison pill” anti-takeover provision that goes into effect if Ergen or any other suitor acquires 20% or more of California Amplifier.

The plan is designed to make such a bid prohibitively expensive by giving the company’s shareholders rights to buy additional stock in the company for half-price.