MIKRON INFRARED TO BE ACQUIRED BY LUMASENSE TECHNOLOGIES FOR $11.50 CASH PER SHARE
Oakland, NJ (February 9, 2007) — Mikron Infrared, Inc. (NASDAQ:MIKR) announced today that it has signed a definitive agreement with LumaSense Technologies, Inc. (LumaSense) to merge Red Acquisition Corporation, a wholly owned subsidiary of LumaSense, with and into the Company. Under the terms of the merger agreement, the holders of Mikron common stock will receive $11.50 per share in cash for their shares, which represents a 17.6% premium above the February 8, 2007 closing price. The transaction is valued at approximately $65 million.
Commenting on the announcement, Gerald D. Posner, Chief Executive Officer of Mikron, stated, “I am extremely pleased that Mikron is becoming part of LumaSense, which is building a world class sensor company, from both a shareholder and employee perspective. The all cash offer at a 17.6% premium to market represents a full value for the Company based on revenue and profit performance. As for our employees, Mikron will gain significant strategic advantages by having access to the technology and distribution channels of the other LumaSense portfolio companies. LumaSense’s mission of providing the best sensor technologies to industry is consistent with Mikron’s goal of excellence in non-contact temperature measurement and thermal imaging.”
“Mikron is an exceptional company with very talented people and unique solutions that will significantly strengthen our position in sensor instrumentation for the industrial, medical and energy markets,” said Vivek Joshi, CEO of LumaSense Technologies. “Mikron provides significant opportunities for synergies in research & development, manufacturing, and marketing & sales. We are excited about what this means for our current and future customers as we continue to complement and enhance our offerings through strategic acquisitions and organic growth.”
Houlihan Lokey Howard & Zukin acted as financial advisor to Mikron. Arent Fox LLP acted as legal advisor to the Company. Jones Day acted as legal advisor to LumaSense.
LumaSense Technologies is a fast-growing sensing instrumentation company focused on providing differentiated solutions to customers in the energy, medical, industrial and semiconductor markets. Backed by Oak Investment Partners, Palo Alto, California, LumaSense aims to attain market leadership by identifying and acquiring companies with superior sensing products, and investing in their organic growth. Its first acquisition was Luxtron Corporation (www.luxtron.com), Santa Clara, California, a leader in fiber-optic temperature measurement solutions. LumaSense is headquartered in Santa Clara, California, with sales and design offices in the United Kingdom, Denmark and India. For further contact information, please call (408) 727-1600 or visit our web site at www.lumasensetech.com. More information about Innova Airtech Systems and its products can be found at www.innova.dk.
Mikron Infrared, Inc., founded in 1969, is a leading, global provider of advanced non-contact temperature measurement products based on infrared technology. It offers a line of infrared temperature measurement instruments, thermal imaging systems, radiometers, spectrometers, and blackbody sources for the calibration of infrared thermometers. These products are used in industries such as steel, glass, semiconductor, chemical, power generation and medical for condition monitoring and preventative and predictable maintenance purposes. Mikron is headquartered in Oakland, New Jersey with manufacturing and sales facilities in the United States and Western Europe.