HONEYWELL FINALIZES TENDER OFFER FOR PITTWAY; $5B HOME AND BUILDING CONTROLS GIANT EMERGES
MORRIS TOWNSHIP, N.J. and CHICAGO
Honeywell and Pittway Corp. have announced that Honeywell has completed a successful tender offer for the outstanding shares of Pittway common stock and class A stock. Approximately 7.7 million shares of Pittway common stock (98 percent) and 34.5 million shares of Pittway class A stock (97 percent) have been tendered, representing more than 97 percent of the company’s total outstanding shares. Honeywell has accepted for payment all of the shares validly tendered at the tender offer price of $45.50 per share. The acquisition, which will be integrated into Honeywell’s Home & Building Control business, combines Honeywell’s expertise in systems integration and HVAC controls with Pittway’s product and distribution strength in the rapidly growing $10 billion fire and security industries. The combined entity will be a $5 billion home and building control supplier.
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