Motorola Solutions and Psion Plc. today announced that they have agreed on the terms of a recommended offer by Motorola Solutions for all Psion shares for 88 pence (US $1.36) in cash per Psion share. It is intended that the acquisition will be effected by way of a recommended cash offer.
Psion has been a pioneer in ruggedized mobile computing products and their application in industrial segments around the world. With headquarters in London and a major operational presence near Toronto, Canada, Psion has been a leader in mobile computing solutions since 1980. Psion has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of £176 million (approximately US $273 million).
Under the terms of the acquisition, Psion shareholders will receive 88 pence (US $1.36) in cash for each Psion share through a recommended cash offer, valuing Psion's issued ordinary share capital at approximately £129 million (US $200 million). The consideration represents a premium of approximately 45 percent to the closing price of 60.5 pence per Psion share on June 14, 2012, the last trading day prior to this announcement and a premium of approximately 66 percent to the six-month average price of 52.9 pence per Psion share prior to June 15, 2012. The acquisition is expected to close in the fourth quarter of 2012.
Motorola Solutions expects to realize cost and revenue synergies resulting in margin expansion opportunities and expects the transaction to be accretive to earnings per share on a non-U.S. GAAP basis in the first full year following completion and on a U.S. GAAP basis in the second full year following completion.
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