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

DOW JONES NEWSWIRES 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

Stock News for Flir Systems (FLIR)
DateTimeHeadline
11/15/201308:55:36Highbridge Capital Management 3Q 13F: Holdings As -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Holdings As Of Sep 30
10/15/201309:36:54U.S. Hot Stocks Futures: Hot Stocks to Watch
09/29/201308:20:25MARKET SNAPSHOT: Shutdown Politics To Dominate Investor Attention
08/02/201213:53:05Raytheon: Appeals Court Reverses Decision on Trade Secret Theft...
07/17/201209:10:49U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/14/201117:16:55Flir Forecasts Weak 2Q Results On Government Demand Decline
05/20/201117:54:09Flir Settles Former Executives' Technology Claims For $39 Million
02/09/201117:57:14Flir Profit Up 16% But Shares Fall On Weak Outlook
08/16/201008:53:56ICx Agrees To $274 Million Buyout From Flir, Posts Weak 2Q Results
05/14/201014:22:26Flir Agrees To Buy Ailing Raymarine For $180 Million
02/11/201008:33:21Flir Systems 4Q Net Down 7.3%; Finance Chief To Leave

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