Court, security holders approve TIR sale to Philips

The acquisition of TIR Systems by Philips Electronics has been approved by TIR's securityholders, and subsequently approved by the Supreme Court of British Columbia.

Philips' intention to buy TIR was announced in March – see Philips to acquire SSL specialist TIR Systems.

The approved arrangement contemplates Philips acquiring 100% of the outstanding shares of TIR at a price of C$1.60 per share in cash. All of the convertible debentures of TIR will be repaid on the basis of C$1,230.77 per C$1,000 of outstanding principal amount.

In addition, holders of outstanding warrants and options to acquire shares of TIR will be entitled to receive the difference between $1.60 and the exercise price for such warrants and options.

Completion of the arrangement remains subject to certain regulatory approvals being obtained and other customary closing conditions being satisfied – but it looks a done deal from this point on.