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Henry Bros to proceed with Kratosa[euro](tm) USD51m buyout bid.


US electronic security systems provider Henry Bros Electronics (NASDAQ:HBE), or HBE, said Friday that it will put to the vote the USD51m (EUR38.5m) takeover offer made by local sector firm Kratos Defense & Security Solutions (NASDAQ:KTOS), after HBE ended its acquisition talks with Diebold (NYSE:DBD).

HBEa[euro](tm)s board has recommended the offer to its shareholders, who are to give their vote on the deal at a meeting scheduled for 9 December.

Earlier this month, Kratos lifted its takeover bid for HBE to USD8.20 per share from its initial proposal of USD7 per share, following the lattera[euro](tm)s announcement that a third party has joined the race to acquire the company with a USD8 per share offer.

HBE was allowed to consider rival bids due to a 40 day go-shop period included in its October agreement with Kratos.

In a separate statement, Kratos said today that its amended bid was given the green light by the US Securities and Exchange Commission.Country: , USASector: ElectronicsTarget: Henry Bros Electronics IncBuyer: Kratos Defense & Security Solutions IncDeal size in USD: 51mType: Corporate acquisitionStatus: Agreed

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Publication:M & A Navigator
Date:Nov 26, 2010
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