SMART Enters into Arrangement Agreement with Foxconn Technology Group

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Article Summary

SMART Technologies Inc., a leading provider of collaboration solutions, and Foxconn Technology Group today announced they have entered into an arrangement agreement under which Foxconn has agreed to acquire all of the outstanding common shares of SMART for a cash payment of US$4.50 per Common Share. The US$4.50 per Common Share purchase price represents a premium of approximately 21% to the volume weighted average price over the last 90 trading days prior to announcement of the Arrangement on the NASDAQ Stock Market ("NASDAQ").

We are very excited by the proposed acquisition of SMART by Foxconn, who is the world's largest electronics manufacturer...

"We are very excited by the proposed acquisition of SMART by Foxconn, who is the world's largest electronics manufacturer," said Neil Gaydon, President and CEO of SMART. "SMART has built an enviable global brand in both the education and enterprise spaces. The proposed transaction with Foxconn provides us with one of the strongest global electronics partners with access to significant resources, a broad range of new technologies, markets and financial resources that will enable us to accelerate our strategy and position SMART for significant future growth.".

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Posted: May 26, 2016
in Media releases