As part of the deal, OMRON plans to acquire 100% of the outstanding shares of Adept common stock through an all cash tender offer followed by a second-step merger. OMRON will offer Adept investors $13/share of Adept common stock, which represents a 63% premium over the closing price for Adept’s common stock on September 15, 2015. The deal values Adept at approximately $200 million.
Yutaka Miyanaga, OMRON Industrial Automation Business Company President commented on the acquisition. “We are delighted Adept Technology, a world leader inrobotics, has agreed to join OMRON. This acquisition is part of our strategy to enhance our automation technology and position us for long term growth. Robotics will elevate our offering of advanced automation."
Rob Cain, President and CEO of Adept who will continue to lead Adept following the transaction, offered his take from the other side of the deal. "We are excited about the opportunity to join OMRON, a global leader in automation. Together, our products will offer new innovative solutions to customers all around the globe."
Adept is a U.S.-based manufacturer of industrial robots that recorded annual sales of $54.2 million and gross margin of 42.0% in the fiscal year ended June 30, 2015. A recent application covered in Vision Systems Design involved the use of Adept’s Lynxvision-guided vehicle that fuses multi-sensor data to autonomously navigate a factory floor and perform various industrial automation tasks.
The acquisition, according to the OMRON press release, is part of the company’s OMRON's "ILO+S" (Input, Logic, Output and Safety) strategy for its Industrial Automation Business, which provides automation solutions for the manufacturing industries.
View thepress release.
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