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General Electric Co. announced its fourth deal in five days Dec. 18 as its subsidiary GE Industrial Systems agreed to buy electronic security company Interlogix Inc. for $777 million in cash and stock.
Terms call for GE to pay $38.86 per share, half in cash and half in GE stock, which equates to a 35% premium over Interlogix's closing stock price Monday of $28.71 per share. Berwind llc, a Bala Cynwyd, Pa., investment management company that holds 81% of Interlogix's stock, has already agreed to tender its shares. Closing is expected in first quarter 2002.
The transaction closes a 17-year relationship between Berwind and Interlogix in which the latter underwent several mutations. Berwind bought Portland, Ore.-based security device maker Sentrol in 1984 and held it until September 1999, when the company, by then redubbed SLC Technologies Inc., agreed to go public through a $239 million reverse merger with St. Paul, Minn., burglar alarm maker ITI Technologies.
Upon completing that transaction in...