I am selling my SISI here ~3.92. See no reason to hold out for the last 8 cents given that the deal won't close until the first quarter of 2005 and that it must be approved by the Shareholders of both companies. Too much risk for another 8 cents per share, and I got what I wanted out of it. I seriously doubt if the deal won't close, but you never know.
Vishay and SI Technologies Sign Merger Agreement
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Thu Dec 23 09:27:00 2004 EST
MALVERN, Pa., and TUSTIN, Calif., Dec 23, 2004 /PRNewswire-FirstCall via COMTEX/ --
Vishay Intertechnology, Inc. (NYSE: VSH) and SI Technologies, Inc. (Nasdaq: SISI) announced today that they have signed a definitive merger agreement pursuant to which Vishay will acquire all of the outstanding capital stock of SI Technologies in a merger transaction for $4.00 per share in cash for a total purchase price, including the net settlement of options and warrants, of approximately $17.65 million. Vishay will also cause the outstanding bank debt of SI, currently in the amount of approximately $10.5 million, to be repaid at closing. For the fiscal year ended July 31, 2004, SI reported $36.2 million of net sales.
SI Technologies will hold a special meeting of its tockholders for the purpose of voting on the merger agreement. Completion of the merger is subject to certain closing conditions, including the approval of the stockholders of SI Technologies. Stockholders owning approximately 40.7% of the outstanding common stock of SI Technologies have agreed to vote in favor of the merger. The parties currently anticipate that the merger will be completed in the first calendar quarter of 2005.
Dr. Zandman, Chairman and Chief Executive Officer of Vishay stated, "Our acquisition of SI Technologies is another step in Vishay's strategy to broaden the product offerings of the Vishay Measurements Group. This transaction will further reinforce our position in the transducer, instrumentation and systems markets and will complement and enhance our existing capabilities in these areas. As we have consolidated our past acquisitions of manufacturers in the load cell business, we intend to add SI Technologies with the established brand name 'Revere' to our portfolio. Vishay's acquisition of SI Technologies will provide significant opportunities for synergies in R&D, manufacturing, and marketing and sales. Our intention is to continue to penetrate this market through further acquisitions and organic growth."
Vishay, a Fortune 1,000 Company listed on the NYSE, is one of the world's largest manufacturers of discrete semiconductors (diodes, rectifiers, transistors, optoelectronics, and selected ICs) and passive electronic components (resistors, capacitors, inductors, and transducers). Vishay's components can be found in products manufactured in a very broad range of industries worldwide. Vishay is headquartered in Malvern, Pennsylvania and has operations in 17 countries employing over 26,000 people. Vishay can be found on the Internet at vishay.com.
SI Technologies, Inc. is a leading designer, manufacturer and marketer of high-performance industrial sensors/controls, weighing and factory automation systems and related products. Its proprietary products enjoy leading positions in their respective markets, while sharing common technologies, manufacturing processes, and customers. SI Technologies is positioned as an integrator of technologies, products and companies that are involved in the handling, measurement and inspection of goods and materials. SI Technologies' products are used throughout the world in a variety of industries, including aerospace, aviation, food processing and packaging, forestry, manufacturing, mining, transportation, warehousing/distribution, and waste management. SI Technologies is headquartered in Tustin, California. |
