Costar Technologies, Inc. (CSTI) Acquired by IDIS Co
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The Merger Agreement has been unanimously approved by the boards of directors of each of IDIS and Costar. Completion of the Merger will be subject to approval by the stockholders of Costar. The board of directors of Costar has recommended that Costar stockholders approve the transaction and adopt the Merger Agreement at a special meeting of the stockholders of Costar to be called in connection with the merger transaction. Stockholders collectively holding approximately 45% of the outstanding shares of Costar common stock have entered into voting and support agreements pursuant to which they have agreed, among other things, to vote their shares of Costar common stock in favor of the merger transaction. The merger is expected to close during the second quarter of 2023, subject to approval by the Costar shareholders and the satisfaction of customary conditions to closing.
Under the Merger Agreement, IDIS will pay approximately
IDIS CEO, Mr.
IDIS will continue using the Costar name, with Costar becoming a wholly owned subsidiary of IDIS. The present Costar management team and employees are expected to join IDIS following the closing of the acquisition.
The exclusive financial advisor for IDIS is
IDIS is a global security company that designs, develops, manufactures, and delivers surveillance solutions for a wide range of commercial and public sector markets. As the largest video surveillance manufacturer in
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that statements in this press release which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding the expected benefits of the acquisition, the timing of the closing of the acquisition, the expected price per share to be received in the acquisition, and other statements identified by words like "believe," "expect," "may," "will," "should," "seek," or "could" and similar expressions, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the risk that the proposed acquisition may not be completed in a timely manner, or at all; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition; approval of the merger transaction by the Costar stockholders and IDIS's ability to integrate Costar's business and personnel and to achieve expected synergies. Actual results may differ materially from those contemplated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements reflect management's current views and are based only on information currently available to us. The parties do not undertake to update, whether written or oral, any of these forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information or otherwise, that occur after the date hereof except as required by law.
Important Information and Where to Find It
In connection with the proposed transaction between IDIS and Costar, Costar will prepare a proxy statement (the "Proxy Statement") that will be sent stockholders of Costar in connection with meeting of stockholders to be held by approve the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION, PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. The Company anticipates mailing its proxy statement to stockholders in
View original content:https://www.prnewswire.com/news-releases/idis-co-ltd-to-acquire-costar-technologies-inc-301780502.html
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