NEW YORK, March 11 - Thermo Electron offered to acquire Canadian software and automated-lab-systems maker CRS Robotics in an all-cash deal worth about C$67 million, or roughly $42 million, CRS said on Monday.
CRS said in a statement that its board will support the C$5.75 per-share, all-cash offer from Thermo Electron.
CRS, of Burlington, Ontario, has expanded its robotics expertise into biotechnology. "CRS innovative automation products complement our existing offerings for the fast-growing drug discovery market and will enable us to provide complete integrated solutions to our customers," Thermo CEO Richard Syron said in a statement.
According to the terms of the proposed acquisition, CRS directors and officers have agreed to tender their shares to the offer. This can be successful if two-thirds of CRS shareholders tender their shares as well.
The agreement also calls for Thermo to receive a $1.4-million termination fee, CRS said in a statement.
Other financial details of the deal were not disclosed.
News of the offer sent shares in Ontario-based CRS soaring 52 percent, or C$1.94, to C$5.69 on the Toronto Stock Exchange mid-morning on Monday. Meanwhile, on the New York Stock Exchange, shares of Waltham, Mass.-based Thermo fell 1.5 percent, or $.32, to $20.63.