Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced the completion of its acquisition of Elecsys Corporation (NASDAQ: ESYS), a provider of machine-to-machine (M2M) technology solutions and custom electronic systems. Elecsys shareholders will receive $17.50 per share in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. The agreement was announced on November 4, 2014 and approved at a special meeting of Elecsys stockholders held on January 22, 2015 by over 99% of shares voted.
Headquartered in Olathe, KS, Elecsys will continue to be operated by its current management team. As a result of the merger, the common stock of Elecsys will no longer be listed for trading on the NASDAQ exchange as of January 23, 2015.
"We are pleased to welcome the Elecsys management team and employees to the Lindsay family," stated Rick Parod, Lindsay's president and chief executive officer. "Elecsys is a key strategic addition to Lindsay Corporation's long term strategy of leading the market in advanced technologies for managing water use efficiency. The combined strengths of Lindsay and Elecsys will create value for all our stakeholders and we are eager to move forward."
"The acquisition is an exciting opportunity for Elecsys and we are proud to become part of the Lindsay organization," added Karl Gemperli, president and chief executive officer of Elecsys. "Lindsay's financial strength, resources, and global market presence will enable Elecsys to expand our capabilities and global reach. We will continue to deliver leading industrial M2M solutions to customers in our established markets while we seek to achieve synergies with Lindsay's core businesses."
Holders of Elecsys stock certificates will receive an exchange package, with instructions concerning how to deliver their shares for payment, from the paying agent, Computershare. Stockholders who hold their shares in "street name" will receive information from their banks or brokers, who will handle the exchange of their shares directly. Elecsys stockholders with questions can call Computershare:
Within USA, US Territories & Canada 1-800-546-5141
Outside USA, US Territories & Canada 1-781-575-2765
About Lindsay Corporation
Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products under the Lindsay Transportation Solutions trade name. At November 30, 2014 Lindsay had approximately 12.1 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.
For more information regarding Lindsay Corporation, see the Company's Web site at www.lindsay.com.
Corporation Elecsys Corporation provides innovative machine to machine (M2M) communication technology solutions, data acquisition and management systems, and custom electronic equipment for critical industrial applications worldwide. The Company's primary markets include energy production and distribution, agriculture, water management, transportation, and safety systems. Elecsys products and services encompass remote monitoring, industrial data communication, mobile data acquisition, and wireless communication technologies that are deployed wherever high quality and reliability are essential. Elecsys develops, manufactures, and supports proprietary M2M technology and products for multiple markets under several premium brand names. In addition to its proprietary products, Elecsys designs and manufactures rugged and reliable custom solutions for multiple original equipment manufacturers in a variety of industries. For more information regarding Elecsys Corporation, see the company's web site at www.elecsyscorp.com.
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words "anticipate," "estimate," "believe," "intend," "expect," "outlook," "could," "may," "should," "will," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.The Company undertakes no obligation to update any forward-looking information contained in this press release.
Jim Raabe, 402-827-6579
Vice President & Chief Financial Officer
Halliburton Investor Relations:
Hala Elsherbini or Geralyn DeBusk, 972-458-8000