CalAmp makes bid to acquire LoJack for $5.50 a share in cash
Wireless software company CalAmp Corp. said Thursday it has made an offer to acquire LoJack Corp. , a vehicle theft recovery software maker, for $5.50 a share in cash, in a deal valued at about $113 million. CalAmp shares rose nearly 3% in premarket trade, while LoJack shares were halted. The deal represents a premium of 58% over LoJack's closing price on Wednesday. CalAmp Chief Executive Michael Burdiek said the company has attempted to engage in talks with LoJack on a deal for nearly two years and has made three all-cash offers that were rejected. "We are excited by the prospect of combining our two businesses and believe our $5.50 per share cash offer provides LoJack shareholders with a substantial premium for their investment in LoJack, while also eliminating the risks associated with LoJack continuing to operate on a standalone basis," he said in a statement. CalAmp shares have gained 1.5% in the year so far, while the S&P 500 is down 0.6%.
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