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News

Assa Abloy To Acquire LaserCard

LaserCard : 22 December, 2010  (Company News)
Security group reinforces its position in the secure identity market by adding Assa Abloy to its HID Global business
LaserCard has entered into a definitive agreement to be acquired by Assa Abloy at a price of $6.25 per share through a cash tender offer. The total transaction value is approximately $80 million. This per share price represents a premium of approximately 38% over the closing price of LaserCard shares on December 17, 2010 and a premium of 42% over the 20-day average of closing prices. LaserCard will become part of Assa Abloy's HID Global business with LaserCard's secure identity products, solutions and services complementing HID Global's identity solution offering.

"The secure identity markets are rapidly growing and the need for enhanced security is driving increased sophistication in identity credentials and systems," said Robert DeVincenzi, president and CEO of LaserCard. "LaserCard is pleased to add its capabilities to the expanding portfolio of customer solutions that HID Global is offering to the market."

Under the terms of the definitive acquisition agreement, a subsidiary of Assa Abloy will commence a cash tender offer to acquire LaserCard's outstanding shares of common stock at $6.25 per share, net to each holder in cash. Upon satisfaction of the conditions to the tender offer and after such time as all shares tendered in the tender offer are accepted for payment, the agreement provides for the parties to effect, subject to customary closing conditions, a merger to be completed following completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $6.25 per share in cash. The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of LaserCard's common stock based on the number of shares outstanding, including certain options, and is expected to close in LaserCard's fiscal fourth quarter, ending April 1, 2011. No approval of the stockholders of Assa Abloy or its subsidiaries is required in connection with the proposed transaction. The transaction is not subject to a financing condition. Terms of the acquisition agreement were unanimously approved by the board of directors of LaserCard.

Imperial Capital LLC acted as exclusive financial adviser to LaserCard. O'Melveny & Myers LLP acted as counsel to LaserCard.
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