Intermec (IN) Acquired by Honeywell (HON) for $10/Share
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Intermec, Inc. (NYSE: IN) announced a definitive agreement under which Honeywell International Inc. (NYSE: HON), a diversified technology and manufacturing leader, will acquire Intermec for $10.00 per share in an all-cash transaction valued at approximately $600 million, net of cash and debt acquired.
Businesses around the world increasingly require more robust asset tracking and data capture applications and the combined entity will be a technology and information management solutions leader in the Auto Identification and Data Capture (AIDC) industry.
Under the terms of the agreement, which has been approved by both companies’ Boards of Directors, Honeywell will acquire all of the outstanding common shares of Intermec for $10.00 per share in cash. The transaction represents a 48% premium to Intermec’s closing stock price on November 1, 2012, the last trading day prior to Intermec announcing it had retained BofA Merrill Lynch. The transaction, which is subject to the approval of Intermec stockholders, regulatory approvals and customary closing terms and conditions, is expected to close by the end of the second quarter 2013.
Businesses around the world increasingly require more robust asset tracking and data capture applications and the combined entity will be a technology and information management solutions leader in the Auto Identification and Data Capture (AIDC) industry.
Under the terms of the agreement, which has been approved by both companies’ Boards of Directors, Honeywell will acquire all of the outstanding common shares of Intermec for $10.00 per share in cash. The transaction represents a 48% premium to Intermec’s closing stock price on November 1, 2012, the last trading day prior to Intermec announcing it had retained BofA Merrill Lynch. The transaction, which is subject to the approval of Intermec stockholders, regulatory approvals and customary closing terms and conditions, is expected to close by the end of the second quarter 2013.
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