Tyco in talks to acquire Visonic

Companies enter into agreement to continue negotiations for the next 60 days


Visonic, an Israel-based maker of electronic security systems, announced Tuesday that it is involved in discussions with Tyco International about a possible acquisition of the company for between $90 million and $105 million.

The company said in a statement that the terms of the deal have yet been finalized and that there is "no certainty" that the talks will result in a binding agreement

Visonic Founder and Chairman Yaacov Kotlicki, who controls 70 percent of the company, has granted Tyco an option to purchase his shares, according to the statement.

In addition, Visonic said that it has entered into an exclusive agreement with Tyco to allow for continued negotiations for the next 60 days.