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.”

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