The board of directors for International Electronics Inc., a maker of physical security access control products, is recommending that its shareholders reject an offer for their shares from Risco.
Risco is primarily known in the security industry for its intrusion detection and access control products. The company had offered to buy up shareholders' stock and to by outstanding shares of IEI common stock at $4 per share.
According to IEI's board of directors, the offer of $4 a share was "still substantially less than certain offers that the company has received since Risco made its first offer." John Waldstein, CEO of IEI, added that the company's board of directors is "engaging in discussions and considering these other offers thoroughly."
Details on the recommendation from IEI's board are contained in the amended solicitation/recommendation statement on Schedule 14D-9 that was filed Thursday with the Securities and Exchange Commission. That statement is available from the SEC at www.sec.gov and on IEIâ€™s website at www.ieib.com.
IEI's next shareholder meeting is approaching on May 18.