Safran Buys L-1 Identity Solutions for $1.6 Billion

L-1 Identity Solutions entered into an agreement to be acquired by Safran in a merger transaction providing for stockholders to receive US$12 per share in cash, for an aggregate enterprise value of approximately $1.6 billion, inclusive of outstanding debt. The per share consideration of $12 incorporates the purchase price to be received pursuant to the sale of the L-1 intelligence services businesses as described below. The per share price represents a premium of 24 percent over L-1's closing stock price on the NYSE on Sept. 17, and a premium of 66 percent over the closing stock price on Jan. 5, the day prior to L-1's announcement of its strategic alternatives review process.  read more