Pacific Insight and Methode Electronics Complete Plan of Arrangement
VANCOUVER, Oct. 3, 2017 /PRNewswire/ - Pacific Insight Electronics Corp. (TSX: PIH) ("Pacific Insight" or the "Company") is pleased to announce the successful completion of the plan of arrangement (the "Arrangement") with Methode Electronics, Inc. (NYSE: MEI) ("Methode"), pursuant to which Methode, through its wholly-owned subsidiary Methode Electronics British Columbia Corporation, has acquired all of the outstanding common shares of Pacific Insight (the "Pacific Insight Shares").
Pursuant to the Arrangement, Pacific Insight shareholders received CAD$18.50 per Pacific Insight Share.
The Pacific Insight Shares are expected to be delisted from the TSX as soon as practicable.
About Pacific Insight
Pacific Insight (TSX: PIH) is a global solutions provider offering design, development, manufacturing and delivery of electronic products and full-service solutions to the automotive, commercial vehicle and specialty markets. Pacific Insight provides OEMs as well as Tier 1 and Tier 2 customers with a range of cost competitive products including LED lighting systems, electronic control modules and wire harnesses. For further information about Pacific Insight's business, please visit the company's website at www.pacificinsight.com
Methode (NYSE: MEI) is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, safety radio remote control, sensing and optical technologies to control and convey signals through sensors, interconnections and controls. Methode's business is managed on a segment basis, with those segments being Automotive, Interface, Power Products and Other. Methode's components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. Further information can be found on Methode's website www.methode.com.
SOURCE Pacific Insight Electronics Corp.