Cipher Data Products Inc, San Diego has definitive agreement to acquire fellow tape drive manufacturer Irwin Magnetic Systems Inc, Ann Arbor, Michigan for $13 a share cash, $63.7m, via a tender offer through First Boston Corp. To help frustrate rival bidders, Irwin has given Cipher an option to acquire authorised but unissued shares equal to […]
Cipher Data Products Inc, San Diego has definitive agreement to acquire fellow tape drive manufacturer Irwin Magnetic Systems Inc, Ann Arbor, Michigan for $13 a share cash, $63.7m, via a tender offer through First Boston Corp. To help frustrate rival bidders, Irwin has given Cipher an option to acquire authorised but unissued shares equal to 9.9% of the expanded equity at $13 per share and key shareholders have granted Cipher options and irrevocable proxies covering 14.9% of Irwin shares out.
