Business
Sirit Obtains Court Approval for Acquisition by Federal Signal
Sirit Obtains Court Approval for Acquisition by Federal Signal
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 3, 2010 (Canada NewsWire Group) -- /CNW/ -- Sirit Inc. (\"Sirit\") (TSX: SI), a leading provider of radio frequency identification (\"RFID\") technology, announces that the Ontario Superior Court of Justice (\"the Court\") has issued a Final Order approving the previously announced plan of arrangement under the Business Corporations Act (Ontario) (\"the Arrangement\") under which Federal Signal Corporation (NYSE: FSS) will acquire all of the issued and outstanding common shares of Sirit (the \"Common Shares\") for $0.46 per share in cash.As previously announced on February 24, 2010, Sirit signed a second amendment to its definitive arrangement agreement with Federal Signal, whereby Federal Signal would acquire all of the issued and outstanding Common Shares for cash consideration of $0.46 per share, an increase of $0.16 per share or 53% over the original cash consideration announced on January 14, 2010.Sirit shareholders approved the Arrangement at the Company's meeting of shareholders held on February 26, 2010.The Company expects the transaction to close on or about March 5, 2010, subject to the satisfaction of certain closing conditions.GMP Securities L.P. was retained as financial advisor to the board of directors of Sirit and its independent committee. Gowling Lafleur Henderson LLP is serving as legal advisor to Sirit in connection with the transaction. Citi is serving as Federal Signal's financial advisor, and Torys LLP and Thompson Coburn LLP are serving as legal advisors to Federal Signal in connection with the transaction.About Sirit Inc.Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) technology worldwide. Harnessing the power of Sirit's enabling-RFID technology, customers are able to more rapidly bring high quality RFID solutions to the market with reduced initial engineering costs. Sirit's products are built on more than 16 years of RF domain expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols and are compliant with global standards. Sirit's broad portfolio of products and capabilities can be customized to address new and traditional RFID market applications including Supply Chain & Logistics, Cashless Payment (including Electronic Tolling), Access Control, Automatic Vehicle Identification, Inventory Control & Management, Asset Tracking and...