Schneider to buy BEI for $562 million

BEI Technologies Inc. and Schneider Electric SA report they've agreed to have Schneider's acquisition subsidiary buy all of BEI's outstanding shares for $35 each, or approximately $562 million in cash, including about $29 million in net financial debt. Both firms' boards of directors already have approved the transaction.

08/01/2005


BEI Technologies Inc. and Schneider Electric SA report they've agreed to have Schneider's acquisition subsidiary buy all of BEI's outstanding shares for $35 each, or approximately $562 million in cash, including about $29 million in net financial debt. Both firms' boards of directors already have approved the transaction.

Once the tender offer is completed, the agreement calls for any remaining BEI shares to be acquired in a cash merger also for $35 per share. As a result, Schneider's subsidiary will be merged with BEI. The offer will be subject to customary conditions, including tendering a majority of BEI's shares on a fully diluted basis. The subsidiary's payment for the shares also is subject to conditions, including regulatory approvals.

BEI manufactures electronic sensors, motors, actuators, rotary optical encoders, linear encoders with associated digital readouts (DROs), and motion control products used for factory and office automation, medical equipment, military, aviation, and space systems.





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