Honeywell [HON] yesterday said it received approval from the European Commission for its pending all cash tender offer to acquire the shares of Sperian Protection for about $153.00 (euro 117) per Sperian Protection share, which opened on July 12.
The completion of the offer only remains subject to the successful tender by Sperian’s shareholders of shares representing no less than 57 percent of the fully diluted number of shares, including the stakes of shareholders Essilor and Ginette Dalloz which shares are expected to be acquired by Honeywell on Aug. 9, in accordance with the previously announced Share Purchase Agreement.
Honeywell expects the public offer to close on Sept. 2, with settlement for tendered shares to be made on Sept. 15.
Sperian Protection is a leader in personal protection equipment (PPE) design and manufacturing and will be combined within Honeywell’s Automation and Control Solutions’ Life Safety business.