Honeywell Buys Silent Witness
Honeywell has reached a deal to buy video monitoring maker
Silent Witness Enterprises Ltd. The all-cash purchase,
valued at $84 million in Canadian dollars (approximately
$64 million in U.S. currency) will include the selling of
all outstanding shares of Silent Witness to Honeywell at
$11.27 (Canadian) per share.
Silent Witness’ board of directors is unanimously
recommending its shareholders accept Honeywell’s offer.
Rob Bakshi, chairman, president and CEO of Silent Witness,
said the deal will give his company “extensive resources’’
to further improve its video surveillance technology. “This
is great news for Silent Witness’ shareholders, and it’s
exciting for our customers and employees,’’ Bakshi said in
a joint statement released by the companies.
Ben Cornett, president of Honeywell Security Group, sees
Silent Witness as a good fit with his company. “It
complements our existing closed circuit television product
offerings, while dramatically broadening our capabilities
in the rapidly growing video surveillance segment,’’
Silent Witness, founded in 1986 and based in British
Columbia, has annual worldwide sales of approximately $56
million and employs about 165 people. A directors circular
recommending the transaction will be mailed to Silent
Witness shareholders by Oct. 28. The bid will be subject to
regulatory approvals and require at least 90 per cent of
the Silent Witness shares be tendered to the bid.
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