IEI Considering Cash Tender Offer
International Electronics Inc. (IEI), manufacturer of electronic access control solutions, confirmed that RISCO Ltd. has commenced an unsolicited cash tender offer to acquire all outstanding shares of IEI’s common stock not already held by the IP-based integrated security solution provider or its affiliates for $3.50 per share.
The board of directors of IEI is assessing the offer. The company intends to file with the Securities and Exchange Commission (SEC) a Solicitation/Recommendation Statement on Schedule 14D-9 stating whether the board recommends acceptance or rejection of the unsolicited tender offer, expresses no opinion and remains neutral toward it, or is unable to take a position. To be submitted on or before March 16, the statement will also set forth the board’s reasons for its position. RISCO Ltd. is the parent company of intrusion alarm equipment manufacturer Rokonet Electronics.
IEI shareholders are urged by the company to defer making any determination with respect to the tender offer until they have been advised of the board’s position.
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