ICx Agrees To $274 Million Buyout From Flir, Posts Weak 2Q Results

Date : 08/16/2010 @ 8:53AM
Source : Dow Jones News
Stock : Flir Systems, Inc. (MM) (FLIR)
Quote : 42.5  0.0 (0.00%) @ 7:00AM

ICx Agrees To $274 Million Buyout From Flir, Posts Weak 2Q Results

Icx Technology (MM) (NASDAQ:ICXT)
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Homeland-security products maker ICx Technologies Inc. (ICXT) said it has agreed to be acquired by FLIR Systems Inc. (FLIR) for about $274 million, the companies said Monday as ICx also reported second-quarter results well below analysts' expectations.

ICx will be able to review other offers.

The deal would expand Flir's offerings of chemical, biological radiological, nuclear and explosive threats. It also stands to enhance the suitor's intelligence surveillance business.

The Flir offer is $7.55 per ICx share, a 12% premium to Friday's closing price. The stock is down 29% this year after spiking in December after the attempted bombing of a Northwest Airlines flight from Amsterdam to Detroit

Wexford Capital LP has agreed to tender its 62% stake in ICx in support of the buyout, slated to close in the fourth quarter.

Meanwhile, ICx reported a second-quarter loss of $3.7 million, or 11 cents a share, compared with a year-earlier loss of $1.3 million, or 4 cents a share. Revenue dropped 20% to $36 million.

Analysts' mean estimates were for a 1-cent loss on revenue of $48 million, according to Thomson Reuters.

Flir, for its part, has seen performance improve of late amid a stronger showing in its commercial vision and government businesses. Its shares closed Friday at $26.96 and weren't active premarket.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com


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