Summary
Honeywell International Inc. (HON) announced an increased offer to acquire all outstanding shares of First Technology plc for 385 pence per share, valuing the transaction at approximately £406 million (US $718 million). This offer includes the assumption of approximately £112 million (US $199 million) in debt. The Board of Directors of First Technology has unanimously recommended that its shareholders accept Honeywell's offer, indicating strong support for the deal. This acquisition, expected to be funded by existing cash and credit facilities, is a significant move for Honeywell. Notably, the offer is not extended to shareholders in the United States, suggesting a strategic focus on international markets or specific regulatory considerations. Investors should monitor the progress of this acquisition as it could impact Honeywell's global footprint and financial performance.
Key Highlights
- 1Honeywell increased its offer to acquire all shares of First Technology plc at 385 pence per share.
- 2The total transaction value is approximately £406 million (US $718 million).
- 3The acquisition includes the assumption of £112 million (US $199 million) in First Technology debt.
- 4First Technology's Board of Directors unanimously recommends shareholders accept the offer.
- 5The acquisition is expected to be funded by Honeywell's existing cash and other facilities.
- 6The offer is specifically not made to shareholders in the United States.
- 7The event date for this announcement was January 23, 2006, and it was filed on January 25, 2006.