IEI Enters Merger Agreement With Linear
CANTON, Mass. — International Electronics Inc. (IEI) has signed a definitive merger agreement to be acquired by Linear LLC, a wholly owned subsidiary of Nortek Inc.
Under the terms of the agreement, unanimously approved by IEI’s Board of Directors, Linear has commenced a cash offer to acquire all outstanding shares of IEI common stock at $6.65 per share.
The tender offer was scheduled to begin on or before May 29 and stand for 20 business days, allowing IEI to respond. (The term was still active at press time.) The per share price represents a premium of more than 66-percent than the price in an unsolicited tender offer earlier this year by a subsidiary of Risco Ltd.
“This is an agreement that we feel is going to be good for IEI customers as well as IEI shareholders,” IEI Senior Marketing Manager John Murzycki tells SSI. “There are a lot of synergies that we see in terms of Linear products and us that still need to be worked out, obviously. But there are some real opportunities in terms of strengthening and improving the company.”
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!