Foxconn Technology Group has acquired Smart Technologies for a cash payment of $4.50 per Common Share, a deal which comes less than two months after Foxconn’s much publicised acquisition of Sharp.
“We are very excited by the proposed acquisition of Smart by Foxconn, who is the world’s largest electronics manufacturer,” said Neil Gaydon, president and CEO of Smart. “Smart has built an enviable global brand in both the education and enterprise spaces. The proposed transaction with Foxconn provides us with one of the strongest global electronics partners with access to significant resources, a broad range of new technologies, markets and financial resources that will enable us to accelerate our strategy and position Smart for significant future growth.”
The deal is subject to customary conditions for a transaction of this nature, which include court and regulatory approvals and the approval of 66 2/3% of the votes cast by Smart shareholders represented in person or by proxy at a meeting of Smart shareholders to be called to consider the agreement.
All of the directors, certain of the officers of Smart and certain of its shareholders, representing an aggregate of approximately 68% of the issued and outstanding Common Shares, have entered into lockup agreements.
An information circular regarding the deal is expected to be mailed to shareholders in June 2016 and a meeting of shareholders is expected to be held in July 2016 with closing to occur thereafter.
For more on Foxconn’s acquisition of Sharp, click the link to read our interview with Sharp’s Sid Stanley