MERGERS AND ACQUISITONS
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SCM stockholders approve Bluehill ID AG merger
The Santa Ana-based technology developer will combine its business with the Swiss company.
By Susan Belknapp Published: December 21, 2009 10:43 AM
Santa Ana-based SCM Microsystems Inc., a leading provider of solutions for secure access, identity and exchange, announced Sunday that its stockholders approved the issuance of new shares of common stock in connection with SCM's proposed merger with Switzerland-based Bluehill ID AG, an industrial holding group for investments in the radio frequency identification (RFID)/identification and security industries.
To affect the merger, SCM made an offer to acquire all of the issued and outstanding bearer shares in Bluehill ID in exchange for shares of SCM common stock on Nov. 20. The deal delineated that any shareholders of Bluehill ID who accepted and tendered their shares in the offer would receive 0.52 shares of SCM common stock for every one-bearer share in Bluehill ID.
The acceptance period for the voluntary exchange offer expires Dec. 29 at midnight Central European Time (CET). At an SCM meeting held Dec. 18, more than 98 percent of the votes recommended that SCM's board accept the exchange offer.
A press release dated Friday said that so far 60 percent of Bluehill ID shareholders had accepted the voluntary public exchange offer.
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To affect the merger, SCM made an offer to acquire all of the issued and outstanding bearer shares in Bluehill ID in exchange for shares of SCM common stock on Nov. 20. The deal delineated that any shareholders of Bluehill ID who accepted and tendered their shares in the offer would receive 0.52 shares of SCM common stock for every one-bearer share in Bluehill ID. The acceptance period for the voluntary exchange offer expires Dec. 29 at midnight Central European Time (CET). At an SCM meeting held Dec. 18, more than 98 percent of the votes recommended that SCM's board accept the exchange offer. A press release dated Friday said that so far 60 percent of Bluehill ID shareholders had accepted the voluntary public exchange offer. NEXT PAGE >> Related headlines RFaxis receives first multi-million dollar purchase order Broadcom chips in for Bluetooth audio technology Samueli charges set aside New Century principles face SEC fraud charges Anaheim officials may give KTGY larger role in ARTIC O.C. bankruptcy filings jump in November |
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