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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
04/28/201606:02:01Amended Current Report Filing (8-k/a)
04/26/201607:35:41Current Report Filing (8-k)
04/25/201617:10:02Current Report Filing (8-k)
03/14/201616:07:41Additional Proxy Soliciting Materials (definitive) (defa14a)
03/14/201612:21:58Statement of Changes in Beneficial Ownership (4)
03/14/201612:21:28Statement of Changes in Beneficial Ownership (4)
03/08/201617:18:42Proxy Soliciting Materials (revised) (prer14a)
03/07/201611:39:19Statement of Changes in Beneficial Ownership (4)
03/02/201614:28:39Statement of Changes in Beneficial Ownership (4)
02/23/201611:22:29Statement of Changes in Beneficial Ownership (4)
02/16/201612:26:37Statement of Changes in Beneficial Ownership (4)
02/11/201607:31:55Current Report Filing (8-k)
02/10/201610:32:20Amended Statement of Ownership (sc 13g/a)
02/02/201607:53:20Amended Statement of Ownership (sc 13g/a)
01/26/201614:12:05Amended Statement of Ownership (sc 13g/a)
01/05/201616:56:00MARKET SNAPSHOT: U.S. Stocks Snap 3-day Slump, End Slightly Higher
01/05/201616:55:00MARKET SNAPSHOT: U.S. Stocks Snap 3-day Slump
01/05/201614:43:00MARKET SNAPSHOT: U.S. Stocks Fight Off Another Slump In Oil Prices
01/05/201611:03:00MARKET SNAPSHOT: U.S. Stocks Pulled Lower By Energy Plays
12/15/201512:04:45Statement of Changes in Beneficial Ownership (4)

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