has been under an agreement to be purchased by Federal Signal Corporation, and today Sirit announced that the offer has increased. The new agreement would pay Sirit shareholders $.43 for each share of common stock, up from $.30 per share in the original offer. According to Sirit, this represents a premium of 96 percent over the 30-day average closing stock price for Sirit and 129 percent over the average closing stock price in the last 60 days (based on the agreement date of Jan. 14, 2010). Overall, it means a 43 percent increase in the offering by Federal Signal, and it was precipitated by Sirit receiving another acquisition proposal.
The next step is for shareholders to approve or deny the acquisition move by Federal Signal; that shareholder meeting is scheduled for Feb. 26, 2010, in Toronto, Ontario. A previous agreement from some company leaders and shareholders has already committed 28 percent of the outstanding shares as voted in favor of the acquisition by Federal Signal.
Sirit's radio frequency identification technology is used for tolling, electronic vehicle registration, parking and access control, asset management, cashless payments and systems for managing supply chains.