InVision opens eyes to GE offer
July 1, 2004
NEWARK, Calif. - InVisionÃ¢â‚¬â„¢s shareholders have voted to approve the companyÃ¢â‚¬â„¢s acquisition by General Electric in late June, moving the closing date of the transaction up to July 15.
ItÃ¢â‚¬â„¢s been a rocky road for the proposed partnership since InVision announced in March that GE agreed to acquire the explosive detection manufacturer in an all-cash transaction valued at approximately $900 million. Two days after the announcement, the Securities and Exchange Commission began investigating alleged insider trading on InVisionÃ¢â‚¬â„¢s stock. InVision also faced a lawsuit alleging the board of directors failed to obtain the highest price possible for the company, although the lawsuit is in the process of being settled.
With the shareholderÃ¢â‚¬â„¢s approval, the acquisition is moving forward - although it still remains subject to closing conditions and regulatory approval.