Honeywell Int’l Inc. has announced that nearly 94 percent of Silent Witness’ shareholders have approved its takeover offer. Honeywell will now acquire the remaining shares of the Surrey, B.C., Canada surveillance technology developer under the British Columbia Company Act.
“The management and board of directors are pleased that over 90 percent of our shareholders have agreed to accept the Honeywell offer,” said Rob Bakshi, chairman and CEO of Silent Witness, in a release. “We continue to believe that the Honeywell offer represents full value for Silent Witness shareholders.”
Upon completion of the purchase of all shares in a deal worth approximately $64 million in U.S. dollars, Honeywell says Silent Witness will become an indirect, wholly-owned subsidiary of Honeywell. Under the rules of the act, the purchase should be completed within the next five months.
Shareholders of Silent Witness who did not tender to the offer will be offered CDN $11.27 per common share, the same price offered to Silent Witness shareholders under the original offer, which was accepted by 93.9 percent of Silent Witness shareholders.
Leading up to the takeover, Silent Witness reported earlier this week an 18 percent dip in revenues for its first quarter compared to the previous first quarter. Revenues for the quarter that ended Oct. 31 were CDN $12.5 million compared to $15.3 million. Earnings for the quarter totaled $18,861 compared to $1.1 million during the prior year’s first quarter.
