Fargo Electronics, Inc. Announces Completion of Merger with ASSA ABLOY's HID Global Corporation.MINNEAPOLIS -- Fargo Electronics, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FRGO) announced that its stockholders, voting at a special meeting today, have approved the company's previously announced merger with a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ASSA ABLOY's HID Global Corporation. Under the terms of the merger agreement, stockholders of the company will be entitled to receive $25.50 in cash for each share of common stock. Citibank N.A. has been appointed the paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for this transaction. The paying agent will send a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. to each former stockholder which will contain instructions for obtaining cash in exchange for their shares. As a result of the merger, Fargo's stock will no longer be traded on NASDAQ. About Fargo Founded in 1974, Fargo Electronics, Inc. is a global leader in the development of secure technologies for identity card issuance systems, including secure card printer/encoders, materials and software. The company has sold more than 120,000 systems in the U.S. and over 80 other countries worldwide. Fargo card issuance systems reduce vulnerabilities and potential for loss of time, money and lives by continually improving the security of identity credentials. Fargo provides physical, information, and transaction security for a wide variety of applications and industries, including government, corporate, national IDs, drivers' licenses, universities, schools and membership. Based in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , USA, Fargo markets its products through a global distribution network of professional security integrators. About HID HID is a leading supplier and manufacturer in the access control industry, serving customers worldwide with proximity and contactless smart card A smart card that uses radio frequencies to provide a wireless connection to the reader. The transmission range is only a couple of inches, but allows the card to be quickly passed by a reader in applications such as secured entrances. See smart card and UltraCard. technologies; central station managed access controllers; secure and custom card solutions; digital identity and photo card management software solutions; and electronic cylinders. Headquartered in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , HID operates international offices that support more than 100 countries and is a member of the ASSA ABLOY Global Technologies Division. To learn more, please visit www.hidcorp.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion