Mikron Infrared Inc. announced February 9 that it has signed a definitive agreement with LumaSense Technologies Inc. to merge Red Acquisition Corporation, a wholly owned subsidiary of LumaSense, with and into the company. Under the terms of the merger agreement, the holders of Mikron common stock will receive $11.50 per share in cash for their shares, which represents a 17.6 percent premium above the February 8 closing price. The transaction is valued at approximately $65 million.
Commenting on the announcement, Gerald D. Posner, chief executive officer of Mikron, stated, “I am extremely pleased that Mikron is becoming part of LumaSense, which is building a world-class sensor company, from both a shareholder and employee perspective. The all-cash offer at a 17.6 percent premium to market represents a full value for the company based on revenue and profit performance. As for our employees, Mikron will gain significant strategic advantages by having access to the technology and distribution channels of the other LumaSense portfolio companies. LumaSense’s mission of providing the best sensor technologies to industry is consistent with Mikron’s goal of excellence in non-contact temperature measurement and thermal imaging.”
“Mikron is an exceptional company with very talented people and unique solutions that will significantly strengthen our position in sensor instrumentation for the industrial, medical and energy markets,” said Vivek Joshi, CEO of LumaSense Technologies. “Mikron provides significant opportunities for synergies in research and development, manufacturing, and marketing and sales. We are excited about what this means for our current and future customers as we continue to complement and enhance our offerings through strategic acquisitions and organic growth.”