Canadian court approves Federal Signal’s $70 million acquisition of Sirit
By APWednesday, March 3, 2010
Court approves Federal Signal acquisition of Sirit
NEW YORK — Sirit Inc. said Wednesday it has won court approval to for its sale to security systems maker Federal Signal Corp.
Sirit, a Canadian company that provides radio frequency identification, or RFID, technology, said the Ontario Superior Court of Justice issued a final approval for the sale.
Federal Signal, based in Oak Brook, Ill., agreed last month to buy Sirit for $70 million, or about 45 cents per share. It upped its offer twice from an original bid of $48 million.
Federal Signal’s stock rose 12 cents, or 1.4 percent, to $8.51 in midday trading.
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