28/06/2011
Visonic in talks to be acquired by Tyco
Tel Aviv, Israel
Visonic founder and chairman Yaacov Kotlicki, who controls 70 percent of the company, has granted Tyco an option to buy all his shares. Tyco has a 60-day exclusivity agreement with Visonic to enable negotations to continue.
According to Reuters, in May, Tyco chief executive Ed Breen told investors the company was closing in on a $110 million acquisition of an unspecified target.
"It is only $110 million but it is technology that actually has revenue with it and that really fits in to one of our core platforms and will really give us a competitive advantage," he said.