Ultrak Elated About DS Announcement, Ends Proxy Conflict
Ultrak Inc., which had been locked in a proxy battle for control of Detection Systems’ (DS) board of directors, has congratulated the company on its decision to sell to Bosch.
“We view this announcement as a victory for all Detection Systems shareholders and for shareholder democracy,” says George Broady, chairman and CEO of Ultrak. “It has been clear to us that the world is changing and that Detection Systems needed to align itself with a larger company. We’re gratified that our efforts during the past year-and-a-half can come to a rest with such a positive result for all.”
Ultrak has suspended its solicitation of proxies for the Detection Systems 2000 Annual Meeting of Shareholders in light of the announced transaction and the delay of that meeting by Detection Systems.
Broady adds, “We’d like to see this transaction close without a hitch – an agreement like this was the precise point of our proxy contest. We believe this is a great victory as well for Detection Systems’ employees, who will now be supported by one of the great companies of the world. We applaud Karl Kostusiak, David Lederer and the rest of Detection Systems’ board of directors for engineering a win-win situation.”
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