Silent Witness takeover bid mailed to shareholders

SSN Staff  - 
Thursday, October 30, 2003

October 30, 2003

SURREY, British Columbia - This week Honeywell mailed its offer to purchase Silent Witness to the camera manufacturer’s shareholders, with the offer to remain open until a Dec. 3 deadline unless withdrawn or extended.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 Witness’ common shares for the deal to go through.

For Honeywell, the deal is important because it will increase the company’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 director’s circular to all of its shareholders. The circular discusses the reasons that Silent Witness’ board of directors has unanimously recommended Honeywell’s offer.