Siemens Canada to acquire Milltronics

Siemens Canada Ltd. announced on Jan. 21 it will make a $335 million (Canadian) offer to acquire all outstanding common stock shares of Milltronics Ltd. (Peterborough, Ontario, Canada). The all-cash bid of $21 per share for each of Milltronics’ 16 million common shares represents a 76% premium over the stock’s closing price on Jan. 20, 2000. Siemens Canada’s formal offer was expected to be made on or before Feb. 4, 2000, and is scheduled to close no later than May 30, 2000. Milltronics’ board of directors has unanimously agreed to support the offer. Milltronics specializes in ultrasonic level measurement technology for process automation. It has annual sales of $119 million and operates in 12 countries. This proposed acquisition is part of Siemens’ recent strategy to enhance its position in the process automation and instrumentation markets. This acquisition by Siemens Canada follows a Jan. 21 offer by Siemens Energy & Automation Inc. (Alpharetta, Ga.) to acquire Moore Process Automation Solutions (Spring House, Pa.) for $170 million. Siemens Canada and Siemens Energy & Automation are both subsidiaries of Siemens AG (Munich, Germany). [For more on Siemens’ Moore Process Automation Solutions acquisition, see News section, p. 25.]

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