HONEYWELL INTERNATIONAL INC acquired Sperian Protection for approximately $1.4 billion, a transaction completed in October 2010, structured as all cash (tender offer, EUR117 per share).
Sperian Protection operates in Automation and Control Solutions (Life Safety), is based in France (Euronext: SPR); global operations. A France-based global manufacturer of personal protection equipment (PPE) listed on Euronext Paris. The combination with Honeywell's Life Safety division was positioned to create a leading global provider of personal protection equipment across general industrial, construction, fire service and electrical safety segments.
Honeywell stated the combination with its Life Safety division would establish a leading global provider of personal protection equipment with a full range of safety products in the attractive, high-growth PPE industry, creating a combined ~$1.8 billion PPE business.
EUR117 per share all-cash offer represented a 93% premium to the last unaffected share price and a 67% premium over a prior offer by Cinven; Essilor and Mrs. Dalloz (28% of share capital) agreed to tender. Combination with Honeywell Safety Products to create a ~$1.8 billion global PPE business; expected dilutive by four cents per share in 2010 and accretive in 2011. Honeywell Automation and Control Solutions (Life Safety / Honeywell Safety Products)
Sperian Protection's Board of Directors has unanimously approved the tender offer agreement and intends to recommend Honeywell's offer upon receipt of a fairness opinion from an independent expert.Honeywell, press release (May 19, 2010)
Advisory firms were not disclosed for this transaction.