FLIR to Buy ICx Technologies
ICx Technologies’ products include detection systems based on ion mobility spectrometry, MS and Raman spectroscopy. Wexford Capital, which holds 62% of ICx’s outstanding shares, has entered into a tender. ICx had 12-month sales ending June 30 of $168 million and a cash balance of $38 million. (For ICx Detection’s quarterly results, see page 12.)
Portland, OR 8/16/10; Arlington, VA 8/16/10—FLIR, a developer of advanced sensor technologies, has entered into a definitive merger agreement with ICx Technologies for an aggregate cash purchase price of $274 million. ICx Technologies product offerings include systems for chemical, biological, radiation, nuclear and explosives detection. The offer consists of a cash tender offer for outstanding shares of ICx common stock for $7.55 per share, a 11.9% premium over the stock’s closing price on August 13. FLIR will acquire any shares not purchased through the tender offer in a second-step merger at the same price. The tender offer is conditioned on the tender of at least a majority of the outstanding shares. ICx will join FLIR’s Government Systems Division. The deal is expected to close in the fourth quarter.
