Japan's OMRON To Buy Adept Technology For $200 Mln - Quick Facts

(RTTNews) - OMRON Corp. (OMRNY.PK), a Japanese automation company, Wednesday announced that it has entered into an agreement to acquire Adept Technology, Inc. (ADEP), a manufacturer of industrial robots, for approximately $200 million.

OMRON plans to acquire Adept common stock through an all cash tender offer followed by a second-step merger. OMRON will offer Adept investors $13.00 per share of Adept common stock, which represents a 63% premium over the closing price for Adept's common stock on September 15.

The tender offer is expected to commence on or about September 23, and the transaction is expected to close on or about October 22.

The transaction has been unanimously approved by the Boards of Directors of both companies, and the deal closing is subject to customary closing conditions.

Yutaka Miyanaga, OMRON Industrial Automation Business Company President, said the acquisition is part of its strategy to enhance automation technology and position it for long term growth.

Following the transaction, Adept President and Chief Executive Officer Rob Cain will continue to lead Adept and will report to Nigel Blakeway, Chairman, Chief Executive Officer and President of Omron Management Center of America, Inc., OMRON's wholly owned United States subsidiary.

Adept recorded annual sales of $54.2 million and gross margin of 42.0% in the fiscal year 2015.

In pre-market activity on Nasdaq, Adept shares were gaining 4.8 percent to trade at $8.36.