Emerson to Buy Artesyn Technologies
biz.yahoo.com
Thursday February 2, 9:16 am ET
Emerson Electric to Pay $11 Per Share to Acquire Artesyn Technologies
ST. LOUIS (AP) -- Emerson Electric Co., which makes electrical, electromechanical, and electronic products, said Thursday it will acquire Artesyn Technologies Inc. for $11 per share in cash, or approximately $500 million net of acquired cash.
Artesyn, headquartered in Boca Raton, Fla., generated $420 million in sales for 2005. The company, which as about 39.87 million shares outstanding, provides power conversion equipment as well as hardware and software subsystems for a range of communication applications for original equipment manufacturers.
Shares of Artesyn Technologies closed Wednesday at $10.32, giving the bid a premium of nearly 7 percent. In premarket trading, Artesyn shares jumped 5.1 percent to $10.85.
Emerson said Artesyn will become part of the Emerson Network Power division.
The deal is subject to approval by regulatory agencies and Artesyn shareholders. |
