OMRON to Acquire Adept Technology
The addition of Adept robotics technology will strengthen the industrial automation business of OMRON.
Posted: October 1, 2015
OMRON Corporation (Kyoto, Japan), a global leader in the field of automation based on its core sensing and control technology, and Adept Technology, Inc. (Pleasanton,CA), a global, leading provider of intelligent robots, autonomous mobile robot solutions and services, have announced that the two companies have entered into an agreement whereby OMRON will acquire Adept.
OMRON plans to acquire 100 percent of the outstanding shares of Adept common stock through an all cash tender offer followed by a second-step merger. The company will offer Adept investors $13.00 per share of Adept common stock, which represents a 63 percent premium over the closing price for Adept’s common stock on September 15, 2015. This values Adept at approximately $200 million. OMRON will fund the tender offer through cash on hand.
The tender offer was expected to commence on or about September 23, 2015, and the transaction is expected to close on or about October 23rd, 2015. The closing of the transaction is subject to customary closing conditions, including at least a majority of shares of Adept common stock being tendered in the offer, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of required foreign antitrust approvals. The transaction has been unanimously approved by the Boards of Directors of both companies.
Commenting on the acquisition, Yutaka Miyanaga, the president of OMRON Industrial Automation Business Company, said, “We are delighted they have agreed to join us. This acquisition is part of our strategy to enhance our automation technology and position us for long term growth. Robotics will elevate our offering of advanced automation.”
Rob Cain, the president and chief executive officer of Adept, added, “We are excited about the opportunity to join them. Together, our products will offer new innovative solutions to customers all around the globe.”
Following the transaction, Cain will continue to lead Adept and will report to Nigel Blakeway, the chairman, chief executive officer and president of OMRON Management Center of America, Inc., the company’s wholly owned United States subsidiary.
As global manufacturing comes under even more pressure to cut costs, shorten supply cycles and operate across global environments, production sites around the world strive to improve productivity. Increased use of labor-saving robots is one of the solutions. By adding the robotics technology of Adept to its current offering, OMRON will be very well positioned to provide manufacturers in the automotive, digital device, food and beverage, packaging, and other industries with solutions to these challenges, as well as engineering support.
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