Lorex Technology, a Canada-based maker of surveillance products for the small business and consumer markets, announced last week that it has agreed to be purchased by thermal imaging solutions provider Flir Systems for CA$59 million.
According to a statement issued by Lorex, which sells cameras under Lorex and Digimerge brands, the transaction has been unanimously approved by each company’s board of directors. The deal is still subject to approval by Lorex shareholders and the TSX Venture Exchange.
Under the agreement, Flir will acquire all of the outstanding shares of Lorex for CA$1.30 per share in cash, a more than 35 percent premium over the company’s closing share price of CA$0.96 on October 24.
The acquisition is expected to be completed in the fourth quarter of this year.