By Greg Hazley
Intermec, the struggling, publicly traded data barcode and RFID products provider, is working with Sard Verbinnen & Co through its $600M acquisition by Honeywell International.
The $10-per-share, all-cash deal is a 48% premium on Intermec’s Nov. 1 share price and has been approved by both boards. It goes to Intermec shareholders this month with a closing date expected in Q2 of 2013.
Everett, Wash.-based Intermec, which had been searching for a CEO since the May resignation of Patrick Byrne, has called off that search. Byrne stepped down after the company’s first quarter loss hit $16.4M, nearly triple a year earlier.
The company is slated to become part of Honeywell’s Scanning & Mobility unit of its Automation and Control Solutions business. Roger Fradin, president and CEO of that business, said the deal strengthens its core scanning and mobile computing business and opens up new opportunities in RFID, voice solutions and barcode and receipt printing segments that its currently doesn’t serve.
David Reno, managing director for Sard, and Robin Weinberg, principal, are advising Intermec.
Intermec shares on Dec. 11 were trading around its 52-week high of $9.83. |