Honeywell and Danaher Bid for Gas Sensing Firm First Technoloy
Morris Township, NJ and Washington, D.C. – Honeywell is set to acquire First Technologies after raising its bid for the company to 385 pence for ordinary share in a deal valued at $718 million, fully diluted for the exercise of all outstanding options and including the assumption of $199 million of outstanding debt. The bid tops Danaher’s January 20 all-cash offer of 330 pence per share. Danaher announced that it would not increase it’s bid following Honeywell’s latest offer. Honeywell first offered to acquire First Technology in December 2005 for 275 pence per share or $555 million. First Technology operates in three business sectors: Gas sensing, Automotive & Special Products, and Safety & Analysis. “The acquisition’s strategic value remains compelling to Honeywell at the increased offer price in light of the strong fit and realizable cost synergies between our Life Safety division, which includes Zellweger Analytics, a global leader in gas detection, and First Technology’s gas sensing and Gas detection businesses, said Honeywell Chairman and CEO Dave Cote. The transaction is expected to close in the first half of 2006.