DS FILES PROXY IN ULTRAK RIFT, REJECTS BOSCH’S BID
FAIRPORT, N.Y.
Detection Systems Inc. (DS) announces that it filed with the Securities and Exchange Commission (SEC) a preliminary proxy statement in connection with its 2000 Annual Meeting of shareholders. The company’s Annual Meeting will be held on Dec. 19, and DS intends to mail its proxy materials to shareholders beginning in mid-November. Ultrak Inc., DS’ largest shareholder (and a competitor), has been waging a proxy contest to gain control of the company’s board of directors. As further explained in its proxy statement, DS’ board believes that Ultrak and its chairman and CEO, George Broady, are motivated by their own financial and competitive interests.
DS also announces that its board of directors received a letter dated Sept. 23 from Bosch Telecom GmbH, in which Bosch proposed to acquire DS for $14 per share in cash, subject to certain other conditions. However, the board determined that the offer did not represent a fair value for the company and would not be in the best interests its shareholders. Hence, DS has rejected Bosch’s offer. Detection Systems is a supplier of equipment to the electronic protection industry.
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