Perceptron Shareholders Approve Merger Agreement with Atlas Copco
Perceptron, Inc., a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced that at its annual meeting of shareholders held today, Perceptron shareholders approved the previously announced Agreement and Plan of Merger with Atlas Copco, a world-leading provider of sustainable productivity solutions headquartered in Stockholm, Sweden.
Under the terms of the merger agreement, Perceptron shareholders will receive $7.00 per share in cash for each share of common stock held. The transaction is expected to close during the calendar fourth quarter 2020, subject to customary closing conditions, including the receipt of clearance from CFIUS. Following the closing, Perceptron’s common stock will no longer be publicly traded and will be delisted from Nasdaq Global Market.
In a previous press release announcing that Perceptron had entered into a definitive agreement to be acquired by Atlas Copco the following comments were made:
“Flexible automation and in-line quality control on the production line are two strong trends where we want to support our customers in their transition towards digital manufacturing”, said Henrik Elmin, Business Area President Industrial Technique. “Through Perceptron’s position in automated metrology and robot guidance, together with the recent acquisition of ISRA VISION, we are creating a strong offering in machine vision solutions and extending the Smart Factory Automation business segment.”
“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,” stated Jay Freeland, Chairman and Interim CEO of Perceptron. “Atlas Copco recognized the long-term, unrealized value evident in our business, as reflected by a compelling cash offer at a significant premium.”
“After careful consideration, our Board of Directors came to the conclusion that a sale of the Company to Atlas Copco would be the optimal outcome for all shareholders and Perceptron employees,” continued Freeland. “As a respected, well-capitalized organization with global reach, Atlas Copco is an ideal fit for our company. Atlas Copco’s leadership position across a broad array of industrial markets, combined with a growing presence in the machine vision space, will allow them to fully leverage our technology to the benefit of existing and new customers, all while realizing economies of scale with the potential to support growth. We are excited by the opportunities that lay ahead for our combined organizations and recommend that Perceptron shareholders vote in favor of the Agreement and the transaction.”
“The acquisition of Perceptron will enable us to increase our customers’ productivity through best-in-class quality control and an increased automation level”, said Henrik Elmin. “Perceptron has almost 40 years of experience as a leading global provider of 3D automated measurement solutions. There are several identified synergies in sales, operations, service and technology development from Perceptron joining the Machine Vision Solutions division.”
In February 2020 Atlas Copco announced the acquisition of ISRA Vision with the aim to create a global leader in Machine Vision with ISRA as nucleus. The Atlas Copco takeover of ISRA Vision valued the company at 1.09 billion euros ($1.19 billion), including debt, expanding the Swedish company’s business in automated manufacturing and quality control.
For more information: www.perceptron.com
