Barringer Technologies Inc. Announces Definitive Merger Agreement
WARREN, N.J., Mar 9, 2001 (BUSINESS WIRE) -- Barringer Technologies Inc.
(Nasdaq: BARR), one of the world's leading providers of trace drug and explosive
detection equipment, today announced that it has entered into a definitive
agreement with Smiths Group plc ("Smiths") under which Smiths would acquire all
the outstanding shares of Barringer for $11.05 per share in cash. The
transaction values the equity of Barringer Technologies at approximately $87
million. The $11.05 acquisition price per share represents a 17% premium to the
average closing stock price for the company over the last 30 trading days.
The transaction, which has been approved by the Boards of Directors of both
companies is subject to approval by Barringer stockholders and customary closing
conditions and is expected to close in the second quarter of this year.
Stanley Binder, Chairman and Chief Executive Officer of Barringer stated: " The
combination of Smiths position as one of the world's leading specialists in
nuclear, biological and chemical detection equipment with Barringer's world
leadership position in drug and explosives detection equipment will result in a
very strong vehicle for continued growth."
Barringer also announced today in a separate release the results for the fourth
quarter and full year ended December 31, 2000.
Headquartered in Warren, New Jersey, Barringer Technologies Inc. is one of the
world's leading providers of trace detection equipment for drug, explosive, and
chemical detection for security and industrial applications. The Sabre 2000(R)
and the IONSCAN(R) are the Company's proprietary trace particle drug and
explosive detection units.
Smiths is a global business with market-leading positions in each of its four
operating businesses: advanced aerospace systems; mechanical and polymer seals;
medical devices and critical care equipment; and specialized industrial products
for interconnect & air movement applications.
William Blair & Company L.L.C. advised Barringer Technologies in this
transaction. |
