American Science and Engineering, Inc. (NASDAQ:ASEI) (AS&E), a supplier of X-ray inspection solutions, has entered into a definitive agreement to be acquired by OSI Systems, Inc. (NASDAQ:OSIS) for USD37.00 per share of AS&E common stock in an all-cash transaction, the company said.
The transaction consideration represents a premium of approximately 25 percent and the total transaction valuation is approximately USD269 million. The transaction and the merger agreement were unanimously approved by AS&E´s board of directors.
The AS&E and OSI Systems is expected to strengthen cargo and aviation security screening platforms, offering scanning solutions to meet evolving security and operational requirements.
American Science and Engineering, Inc. is a provider of threat and contraband detection solutions for ports, borders, military, critical infrastructure, law enforcement, and aviation. AS&E offers X-ray inspection systems to combat terrorism, drug smuggling, illegal immigration, and trade fraud. AS&E systems are designed in a variety of configurations for cargo and vehicle inspection, parcel inspection, and personnel screening.
OSI Systems, Inc. is a vertically integrated designer and manufacturer of electronic systems and components for applications in the homeland security, defense and aerospace industries.