Methode Electronics, Inc. (NYSE: MEI) have completed the acquisition of all of the outstanding common shares of Pacific Insight Electronics Corp. (TSX: PIH) at CDN $18.50 per Pacific Insight share for total consideration of approximately CDN $144 million.
The arrangement was approved by shareholders on September 26, 2017 and by the court on September 27, 2017.
On September 25, 2017, Shenzhen Kaizhong Precision Technology Co. Ltd. (SSE: 002823) withdrawn its $189.5 million “supier” offer to acquire Pacific Insight for $24.35 per share due to lack of support and complexities of cross-border transaction.
The Pacific Insight shares are expected to be delisted from the TSX as soon as practicable.
Pacific Insight is a global solutions provider offering design, development, manufacturing and delivery of electronic products and full-service solutions to the automotive, commercial vehicle and specialty markets. Pacific Insight provides OEMs as well as Tier 1 and Tier 2 customers with a range of cost competitive products including LED lighting systems, electronic control modules and wire harnesses.
Methode is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, safety radio remote control, sensing and optical technologies to control and convey signals through sensors, interconnections and controls.
photo credit: Pacific Insight