Shares of weapons sensor maker ICx Technologies Inc. (ICXT) rallied as much as 15 percent to $7.50, the most intraday since Dec. 31, after the company agreed to be acquired by Flir Systems Inc. (FLIR) for a price of $274 million, or $7.55 per share in cash.
Under terms of the agreement, the boards of both co.’s have approved the transaction, and ICx can consider competing bids. FLIR noted that Wexford Capital and its affiliates, which own about 62% of ICx, have agreed to tender their shares in the offer, subject to the ICx Board of Directors’ continued recommendation of the transaction.
The acquisition by Flir Systems is expected to close in the 4Q’10, pending regulatory approval.
ICx shares rose 85 cents, or 12.59 percent, to $7.60 2:28PM EDT in Monday trading. Flir shares rose 10 cents to $27.06.