Lindsay Corporation announced the completion of its acquisition of Elecsys Corporation, a provider of machine-to-machine (M2M) technology solutions and custom electronic systems.
Elecsys shareholders will receive $17.50 per share in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. The agreement was announced on November 4, 2014 and approved at a special meeting of Elecsys stockholders held on January 22, 2015 by over 99% of shares voted.
Headquartered in Olathe, KS, Elecsys will continue to be operated by its current management team. As a result of the merger, the common stock of Elecsys will no longer be listed for trading on the NASDAQ exchange as of January 23, 2015.
"We are pleased to welcome the Elecsys management team and employees to the Lindsay family," stated Rick Parod, Lindsay's president and chief executive officer. "Elecsys is a key strategic addition to Lindsay Corporation's long term strategy of leading the market in advanced technologies for managing water use efficiency. The combined strengths of Lindsay and Elecsys will create value for all our stakeholders and we are eager to move forward."
"The acquisition is an exciting opportunity for Elecsys and we are proud to become part of the Lindsay organization," added Karl Gemperli, president and chief executive officer of Elecsys.
"Lindsay's financial strength, resources, and global market presence will enable Elecsys to expand our capabilities and global reach. We will continue to deliver leading industrial M2M solutions to customers in our established markets while we seek to achieve synergies with Lindsay's core businesses."
Holders of Elecsys stock certificates will receive an exchange package, with instructions concerning how to deliver their shares for payment, from the paying agent, Computershare. Stockholders who hold their shares in "street name" will receive information from their banks or brokers, who will handle the exchange of their shares directly.