On March 5, 2010, Federal Signal Corporation (Federal Signal) (NYSE: FSS) and Sirit Inc. (Sirit) (TSX: SI) announced that Federal Signal has completed the acquisition of Sirit.
As previously announced, on February 24, 2010, Federal Signal entered into a second amendment to its definitive arrangement agreement with Sirit, whereby Federal Signal will acquire all of the issued and outstanding common shares of Sirit for cash consideration of C$0.46 per share by way of a court approved plan of arrangement under the Business Corporations Act (Ontario), an increase of C$0.16 per share or 53% over the original cash consideration announced on January 14, 2010.
Federal Signal, headquartered in Oak Brook, Illinois, designs and manufactures a range of products and integrated solutions for municipal, governmental, industrial and commercial customers.
Sirit, headquartered in Toronto, specializes in the design, development, manufacture and implementation of radio frequency identification products and solutions, including tags and readers.
Further information is found on Canada Newswire's website.