According to OMRON, it 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 per share of Adept common stock, which represents a 63% premium over the closing price for Adept’s common stock on Sept. 15, 2015.
This values Adept at approximately $200 million. OMRON will fund the tender offer through cash on hand.
The transaction is expected to close on or about Oct. 23, 2015.
“We are delighted Adept Technology, a world leader in robotics, has agreed to join OMRON," said Yutaka Miyanaga, OMRON industrial automation business company president. "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.”
According to OMRON, increased use of robots is a labor-saving solution as manufacturing is under more pressure to cut costs, shorten supply cycles and operate across global environments and production sites around the world.
"By adding the robotics technology of Adept to its current offering, OMRON will be very well positioned to provide manufacturers in the automotive, digital device, food and beverage, packaging and other industries with solutions to these challenges, as well as engineering support," the company said in a press release.
Rob Cain, president and chief executive officer of Adept, added: “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.”