GE, InVision cling to acquisition plans
November 4, 2004
NEWARK, Calif. - General Electric and InVision Technologies said this week they remain committed to trying to make an acquisition of InVision Technologies work, despite an ongoing investigation by the Department of Justice and the Securities and Exchange Commission that has delayed the deal from closing.
The commitment was revealed in InVision TechnologiesÃ¢â‚¬â„¢ third quarter report. In it, InVision Technologies said both companies have agreed to extend the termination rights of the transaction until Dec. 27. The companies originally set Oct. 31, as the date that either party could exercise their right to terminate the deal.
The $900-million offer for InVision Technologies was announced in mid-March, and was expected to close during the second half of 2004. The acquisition, if completed, would enable GE Infrastructure to merge technology with InVision, a company known for its advanced development of computer tomography scanning applications.
But four months after announcing the deal, InVision Technologies revealed that an internal investigation showed improper payments by company distributors in foreign sales. The payments could be in violation of the Foreign Corrupt Practices Act.