Plymouth-based Perceptron Inc., a maker of 3-D measurement equipment, is nearing the culmination of its acquisition by a Swedish company.
Perceptron (NASDAQ: PRCP) announced on Tuesday that its shareholders had voted to approve its merger agreement with Atlas Copco.
Under the terms of the merger agreement, first announced in late September, Perceptron shareholders will receive $7 per share in cash for each share of common stock held. The deal is expected to close before the end of the year.
The all-cash transaction values Perceptron at about $68.9 million.
"Since our inception nearly 40 years ago, Perceptron has grown to become a leading metrology brand, one recognized for its ability to provide advanced flexible automation and quality control solutions to a diverse mix of global customers," Jay Freeland, chairman and interim CEO of Perceptron, said in a statement at the time the deal was announced. "Atlas Copco recognized the long-term, unrealized value evident in our business, as reflected by a compelling cash offer at a significant premium."
As Crain's had reported at the start of the year, Perceptron had been struggling financially and has gone through a revolving door of executives.
Investors seem to like the deal.
Prior to the announcement of the merger, Perceptron's stock was trading at about $4 per share, and since then it has climbed substantially. On Wednesday morning the stock was trading at around the offer price of $7.
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Plymouth firm Perceptron nears close of merger with Swedish company - Crain's Detroit Business
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