Silent Witness takeover bid mailed to shareholders
October 30, 2003
SURREY, British Columbia - This week Honeywell mailed its offer to purchase Silent Witness to the camera manufacturerÃ¢â‚¬â„¢s shareholders, with the offer to remain open until a Dec. 3 deadline unless withdrawn or extended.
The mailing comes two weeks after Honeywell announced plans to buy Silent Witness. The company has offered to pay $11.72 Canadian per share, or $87 million Canadian, with shareholders required to tender 90 percent of Silent WitnessÃ¢â‚¬â„¢ common shares for the deal to go through.
For Honeywell, the deal is important because it will increase the companyÃ¢â‚¬â„¢s depth of product offerings in the video surveillance market. Silent Witness, on the other hand, gains the financial resources and market reach brought by a large company like Honeywell.
In conjunction with the Honeywell mailing, Silent Witness also mailed a directorÃ¢â‚¬â„¢s circular to all of its shareholders. The circular discusses the reasons that Silent WitnessÃ¢â‚¬â„¢ board of directors has unanimously recommended HoneywellÃ¢â‚¬â„¢s offer.