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EMS Technologies To Be Acquired By Honeywell For Approximately $491 Million In Cash



June 13, 2011


EMS Technologies announced a definitive agreement under which Honeywell (NYSE:HON), a diversified

technology and manufacturing leader, will acquire EMS in an all-cash transaction valued at approximately $491 million, net of cash acquired.

Under the terms of the agreement, which has been unanimously approved by both companies’ Boards of Directors, a wholly-owned subsidiary of Honeywell will commence a tender offer within ten business days to purchase all of EMS’s outstanding shares for $33.00 per share in cash.

The transaction represents a 33% premium to EMS’s closing stock price on June 10, 2011, and a 59% premium to EMS’s closing price on April 18, 2011, one day prior to the Company’s announcement that it was reviewing strategic alternatives. The Board of Directors of EMS will recommend that EMS shareholders tender their shares in the tender offer. The transaction, which is subject to successful completion of the tender offer, regulatory approval and customary closing

terms and conditions, is expected to be completed in the third quarter of 2011.

EMS reported revenue for the full year 2010 of $355.2 million. EMS’s businesses enable mobile connectivity virtually anywhere in the world using a wide range of connectivity technologies, including Satellite, GSM, Bluetooth, Wi-Fi and GPS mapping.

“This announcement is the culmination of the robust strategic review process we have been engaged in since April,” said Jack Mowell, Chairman of EMS’s Board of Directors. “With the assistance of experienced outside advisors, we determined that this transaction is the best way to maximize value for our shareholders.”

Neil Mackay, President and CEO of EMS, said, “We believe that becoming a part of Honeywell will provide EMS businesses with the scale, resources and market presence that should benefit our customers and expand career opportunities for our employees.”

EMS also announced that in light of today’s announcement the EMS Board has postponed its Annual Meeting of Shareholders scheduled for June 30, 2011.

BofA Merrill Lynch is serving as financial advisor, and King & Spalding LLP and Kirkland & Ellis LLP are serving as legal counsel to EMS and its Board of Directors.