Honeywell's purchase of EMS is 2 steps closer to completion
Honeywell International Inc. has announced that its wholly owned subsidiary Egret Acquisition Corp. has received early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act and received the required foreign antitrust approval in Austria.
Honeywell International Inc. has passed two hurdles in its bid to acquire EMS Technologies Inc.
The company announced Aug. 2 that its wholly owned subsidiary Egret Acquisition Corp. has received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Egret plans to purchase all outstanding shares of common stock of the Norcross, Ga., company, including the associated common stock purchase rights.
Egret announced in June that it would pay $33 per share, or $491 million, for EMS, a provider of connectivity solutions for mobile networking, rugged mobile computers and satellite communications.
EMS' $181 million Global Resource Management division provides highly ruggedized mobile-computing products and services for transportation, logistics and workforce management, as well as secure satellite-based asset tracking and messaging technology for search and rescue, warehousing and field force automation environments, the company said.
Its $174 million Aviation division provides terminals, antennas, in-cabin network devices, rugged data storage, and surveillance applications predominantly for use on aircraft and for other data-gathering objectives, the announcement said.
Honeywell also received the required foreign antitrust approval in Austria in connection with the tender offer, according to the announcement.
The early termination of the waiting period satisfies one of the conditions for consummation of the tender offer, which continues to be subject to the satisfaction of other conditions, including the receipt of Canadian antitrust and FCC approvals.
The tender offer is scheduled to expire at 5:30 p.m., Eastern time, Aug. 19, 2011, but could be extended pursuant to the conditions in the Offer to Purchase.
Honeywell International Inc., of Morristown, N.J., ranks No. 26 on Washington Technology’s 2011 Top 100 list of the largest federal government contractors.