Safeguard Technology looks to merge
November 4, 2004
REDONDO BEACH, Calif. - Safeguard Technology International, which operates as a high-end residential security provider through its Moore Protection business unit here, has executed a non-binding letter of intent to merge with World Wide Eyes, a distributor of security and surveillance equipment, and Digital Video Technology, an engineering and manufacturing company.
The proposed transaction is structured as a merger of Safeguard and WWE with an allocation of 20 percent of the equity in the combined company to DVT. If approved, the three companies will become wholly owned subsidiaries of a new holding company.
Currently, CorpHQ, a holding company, owns 65 percent of the common stock of Safeguard. If the merger is completed, CorpHQÃ¢â‚¬â„¢s interest in the combined company will be close to 20 percent.