Summary
Motorola, Inc. (now Motorola Solutions, Inc.) announced on September 24, 2006, that it entered into an Agreement and Plan of Merger to acquire Symbol Technologies, Inc. The acquisition, valued at $15.00 per share in cash for each outstanding share of Symbol's common stock, represents a significant strategic move for Motorola. The merger has been approved by the Boards of Directors of both companies and is contingent upon Symbol's stockholder approval and regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act. This transaction signals Motorola's intent to expand its capabilities and market presence, likely within the enterprise mobility and government communication sectors where Symbol was a notable player. Investors should note the cash consideration, indicating a full buyout, and the termination fee provisions, which outline financial implications should the deal not close under specific circumstances. Further details and investor information will be available through proxy statements filed by Symbol with the SEC.
Key Highlights
- 1Motorola, Inc. has entered into a definitive agreement to acquire Symbol Technologies, Inc.
- 2The acquisition will be an all-cash transaction, with each Symbol share valued at $15.00.
- 3The merger has received approval from the Boards of Directors of both Motorola and Symbol.
- 4Key conditions for closing include Symbol stockholder approval and antitrust clearance (Hart-Scott-Rodino Act).
- 5Symbol may owe Motorola a termination fee of $110 million plus expenses if the agreement is terminated under certain conditions.
- 6The filing is made as an 8-K, indicating a material event for the company.
- 7Additional information regarding the merger will be provided in proxy statements filed by Symbol with the SEC.