RAE Systems Inc. (RAE) today announced that it has entered into a definitive merger agreement with affiliates of Vector Capital under which an affiliate of Vector will acquire the outstanding shares of RAE common stock for $1.75 per share in cash. The company said that a special committee of the RAE Systems Board of Directors, and the disinterested members of the board, have unanimously approved the deal and recommend RAE Systems’ stockholders approve the transaction.
RAE Systems also announced that, concurrent with entering into the Vector Agreement, the company terminated its previously announced merger agreement with affiliates of Battery Ventures under the terms of the Prior Agreement, and paid a termination fee of $3.39 million to affiliates of Battery Ventures.
RAE ticking higher upon trade resumption. The stock is currently up 3.01% to $1.71 per share.
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