Leading provider of radio frequency identification (RFID) technology,
The CDN$0.30 per share cash purchase price represents a premium of 37 per cent over Sirit’s 30-day average closing stock price and a premium of 60 per cent over Sirit’s 60-day average closing stock price.
According
to Federal Signal, the combination of Sirit’s RFID technology with
Federal Signal’s detection and classification technology (acquired in
the December 2009 purchase of
“We are excited about this transaction with Sirit, as it further strengthens Federal Signal’s best-in-class product portfolio and advances our stated strategy of driving growth through our Public Safety Systems platform,” said William Osborne, Federal Signal's president and CEO.
“Sirit, Diamond
Consulting Services and
“We are thrilled to be joining Federal Signal and are excited by the opportunities we will have as part of a larger organisation with greater financial resources and access to a wider customer base. The combination of Sirit and Federal Signal creates a superior technology platform and service offering, while providing customers with more complete and fully integrated solutions,” said Norbert Dawalibi, president and CEO of Sirit. “We look forward to working closely with the Federal Signal team to ensure a smooth transition and complete the transaction as expeditiously as possible,” added Dawalibi.
Federal Signal intends to finance the transaction through cash on hand and existing bank lines of credit. Upon completion of the transaction, Sirit will operate as part of Federal Signal’s Safety and Security Systems Group.
