Sirit Shareholders Approve Acquisition by Federal Signal
Toronto, ON - Sirit Inc. (“Sirit”) (TSX: SI), a leading provider of radio frequency identification (“RFID”) technology, today announced that, at the Company’s meeting of shareholders held earlier today, Sirit shareholders approved the adoption of its amended definitive arrangement agreement with Federal Signal Corporation (“Federal Signal”) (NYSE: FSS).
As previously announced, on February 24, 2010, Sirit signed a second amendment to its definitive arrangement agreement with Federal Signal, whereby Federal Signal would acquire all of the issued and outstanding common shares of Sirit (the Common Shares) for cash consideration of $0.46 per share by way of a court approved plan of arrangement under the Business Corporations Act (Ontario) (the Arrangement), an increase of $0.16 per share or 53% over the original cash consideration announced on January 14, 2010.
“We are pleased with the shareholder support demonstrated by today’s vote,” said Norbert Dawalibi, President and Chief Executive Officer of Sirit. “We believe that our agreement with Federal Signal is in the best interests of our shareholders, our employees and the future of our businesses. The combination with Federal Signal delivers swift and certain value for Sirit shareholders and opens up new opportunities for our business and employees as part of a larger organization with greater financial resources.”
“On behalf of Sirit’s Board of Directors and management team, I want to thank our hard-working employees for their support throughout this process. We look forward to completing this transaction as quickly as possible and we anticipate a smooth transition,” concluded Mr. Dawalibi.
The Company expects the transaction to close on or about March 5, 2010, subject to the satisfaction of certain closing conditions, including, obtaining final court approval.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.