HON Tenders for EMS Tech - Analyst Blog
28 Juin 2011 - 10:30AM
Zacks
Honeywell International
Inc.’s (HON) wholly owned subsidiary, Egret Acquisition
Corp., initiated the cash tender offer to acquire all outstanding
shares of EMS Technologies Inc. for $33 per share, without interest
and net of applicable withholding taxes. Moreover, the company will
acquire the associated common stock purchase rights.
After the successful completion of
the tender offer and fulfillment of certain conditions, a
second-step merger will be completed by Egret Acquisition Corp. In
this merger, the shares other than those for which dissenters'
rights have been exercised will be transformed into the right to
receive the same per share price paid in the tender offer.
Following this, EMS will become a wholly-owned subsidiary of
Honeywell.
A tender offer statement has been
filed by Egret Acquisition Corp. with the Securities and Exchange
Commission (SEC) and expires on the mid night of July 25, 2011. The
tender can be extended in accordance to the merger agreement made
and applicable SEC rules and regulations.
Honeywell’s short-cycle businesses
as well as its commercial aerospace spares and residential and
commercial retrofit businesses are performing impressively well and
are expected to support future growth outlook of the company.
First-quarter 2011 was the eighth consecutive quarter in which
orders in short-cycle businesses have increased. The company’s
long-cycle backlog continued to be at near record levels.
The savings incurred from the
implementation of Honeywell’s building techniques will be used for
development without any need for outside funding. Further, the
program will create job facilities for local contractors and
housing authority residents.
Based in Morris Township, N.J.,
Honeywell International Inc. is a Fortune 100 company providing
technical and manufacturing support to customers worldwide with
aerospace products and services; control technologies for
buildings, homes and industry; automotive products; turbochargers;
and specialty materials. Major competitors of Honeywell are
BorgWarner Inc. (BWA), United Technologies
Corp. (UTX) and Johnson Controls Inc.
(JCI).
We currently maintain our Neutral
rating on Honeywell, with a Zacks #2 Rank (Buy recommendation) over
the next one-to-three months.
BORG WARNER INC (BWA): Free Stock Analysis Report
HONEYWELL INTL (HON): Free Stock Analysis Report
JOHNSON CONTROL (JCI): Free Stock Analysis Report
UTD TECHS CORP (UTX): Free Stock Analysis Report
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