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Industrial products.

INDUSTRIAL PRODUCTS

FABRICATING & ENGINEERING                               PRIVATELY OWNED

TARGET
Thermal products business
Cambridge, Ontario                                            SIC: 3569

VENDOR
ARTS Automation Tooling Systems Inc.
Cambridge, Ontario                                            SIC: 3569

ARTS custom engineers and produces industrial automated
manufacturing systems, and related precision components
and subassemblies.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 19, 2004    PRICE:   $8,875,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
ARTS Automation Tooling Systems Inc. sold its thermal
products business to an unnamed buyer. Under the terms ARTS
Automation received $8.8 million (US$7.1 million) for all the
assets of thermal products business.

FABRICATING & ENGINEERING                                FOREIGN TARGET

TARGET
Trojan Technologies Inc.
London, Ontario                                               SIC: 3589

Trojan manufactures and markets water treatment
equipment and services.

ACQUIROR
Danaher Corp.
Washington D.C., United States                                SIC: 3822

Danaher manufactures and supplies environmental,
industrial controls, tools and componets for defense,
aerospace and environmental industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 8, 2004    PRICE:   $247,000,000
STATUS:    Completed       PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Danaher Corp. acquired Trojan Technologies Inc. Under the
terms Danaher paid $247 million for all the shrs of Trojan
Technologies Inc.

FABRICATING & ENGINEERING                               PRIVATELY OWNED

TARGET
Pressure Pipeline Inspection Co. Inc.
Calgary, Alberta                                              SIC: 8711

PPIC provides non-destructive evaluation, leak detection
and monitoring of water and wastewater pipelines services.

ACQUIROR
Pure Technologies Ltd.
Calgary, Alberta                                              SIC: 1622

Pure Technologies develops and deploys technologies for
management of critical infrastructure. Its technological
applications are used in maintenance of bridges, pipelines
and nuclear power plants.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 23, 2004    PRICE:   $2,224,000
STATUS:    Pending          PAYMENT: Cash
CLASSIFICATION: NO Change in Control

DESCRIPTION:
Pure Technologies Ltd. agreed to acquire a 28% stake in
Pressure Pipe Inspection Co. Inc. (PPIC). Under the terms Pure
Technologies would pay $2.2 million for a 28% interest. The
transaction is subkect to completion of due diligence and and
the right of first refusal for exisiting sharehoders of PPIC.

TECHNOLOGY                                               FOREIGN TARGET

TARGET
eXI Wireless Inc.
Richmond, British Columbia                                    SIC: 3669

Formerly Cornerstone Innovations Inc., eXI develops
wireless systems for tracking and identification uses.

2003 Results    Rev  $8,579,000      Assets:          $6,846,000
                NBV: $4,993,000      Net Inc:           $170,000
Deal Multiples    Times Rev: 1.88    Offer per Share:      $1.60
                  Times NBV: 3.24    Market Price:         $0.90
               Times NI:  95.06      Premium to Mkt:      77.78%

ACQUIROR
Applied Digital Solutions Inc.
Florida, United States                                       SIC: 3660

Applied Digital designs, manufactures and supplies digital
communications equipment and RFID based personal and
property tracking devices.

2003 Results    Rev  $134,831,000    Assets:  $162,300,000
                NBV: $47,479,000     Net Inc: $4,557,000

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 3, 2004    PRICE:   $16,160,000
STATUS:    Pending         PAYMENT: Stock
CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
Applied Digital Solutions Inc., agreed to acquire eXi Wireless
Inc. Under the terms Applied Digital would pay $1.60 per shr
in stock of its Canadian subsidiary which in turn would be
exchangeable for common shrs of Applied Digital. With about
10.1 million eXi Wireless shrs outsdanding, transaction value is
estimated at $16 million, eXi had $8.6 million in revenues for
the last fiscal year.

TECHNOLOGY                                               FOREIGN TARGET

TARGET
Enterprise telephony business (France)
France                                                        SIC: 3669

ACQUIROR
Aastra Technologies Inc.
Toronto, Ontario                                              SIC: 3663
Aastra has interests in telephony network systems.

VENDOR
European Aeronautic Defence and Space Co. NV.
Netherlands                                                   SIC: 3764

European Aeronautic designs and manufactures military
communication satallites, propulsion systems and
components.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 10, 2004    EST. PRICE: $111,700,000
STATUS:    Pending          PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:

Aastra Technologies Ltd. offered to acquire enterprise
telephony business of European Aeronautic Defense & Space
Co. Under the terms Aastra Technologies would pay $111.7
million (71.5 million Euros) for all the assets of enterprise
telephony business which generated $261 million (170 million
Euros) for the last fiscal year.

TECHNOLOGY                                              PUCLICLY TRADED
Stuart Energy Systems Corp.
Toronto, Ontario                                              SIC: 3691

Stuart Energy is engaged in developing hydrogen fuel cell
technology.

ACQUIROR
Hydrogenics Corp.
Mississauga, Ontario                                          SIC: 3629

Hydrogenics designs, develops and manufactures proton-exchange
membranes, and fuel cell test stations.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 10, 2004    PRICE:   $155,000,000
STATUS:    Pending          PAYMENT: Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Hydrogenics Crop. agreed to acquire all the shrs of Smart
Energy Systems Corp. Under the terms hydrogenics would pay
$155 million in its stock in exchange for all the shrs of Stuart
Energy Inc.

TARGET                                                  PRIVATELY OWNED
Marine control unit (can)
Montreal, Quebec                                              SIC: 3812

Marine control unit of CAE Inc., provides software and
training for the operation of civilian and military vessels.

ACQUIROR
L-3 Communications Holdings Inc.
New York, United States                                       SIC: 3812

L-3 is a manufacturer of search and navigation equipment
for aerospace industry.

VENDOR
CAE Inc.
Toronto, Ontario                                              SIC: 3812

CAE, formerly CAE Industries Ltd., is involved in the
manufacture of flight simulator systems and machinery for
the aerospace, aviation and forest products industry. CAE
also provides pilot training services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 1, 2004    PRICE:   $328,000,000
STATUS:    Pending         PAYMENT: Cash, Assumption
                                    of Debt
CLASSIFICATION: Change in Control

DESCRIPTION:
CAE Inc. agreed to sell its marine control unit to L-3
Communications Corp. Under the terms L-3 Communications
would pay $276 million in cash and would assume further $52
million in debt for a total transaction value of $328 million.
The sale is a part of CAE Inc.'s strategy to focus on its core
business of civil and military aviation simulation and pilot
training. The marine control unit under divestment has a
backlog orders of $644 million.

TECHNOLOGY                                               FOREIGN TARGET

TARGET
S.A.S.E.C.M
France                                                        SIC: 3845

ECM (formely S.A.R.L. E.C.M.) designs, manufactures and
supplies portable ultrasound scanners for veterinary
medicine, animal breeding and human healthcare industry.

ACQUIROR

Noveko Echographs Inc.
Montreal, Quebec                                              SIC: 3693

Noveko Echograph designs, manufactures and markets
portable ultrasound scanners for medical applications.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 8, 2004    PRICE:   $5,225,000
STATUS:    Completed       PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Noveko Ecograph Inc. acquired S.A.S. E.C.M (ECM) in
France. Under the terms Noveko paid 2 million Euros and
issued 2.5 million Class A shrs to ECM shareholders for a total
transaction value of $5.2 million. Financing was arranged
through a $3.3 million private placement of Noveko shrs.

BUSINESS SERVICES                                       PRIVATELY OWNED

TARGET
ISAC Technologies
Montreal, Quebec                                              SIC: 7372

ISAC Technologies provides information technology and
systems consulting software and programming services.

ACQUIROR
ISACSOFT Inc.
Montreal, Quebec                                              SIC: 7372

ISACSOFT designs, develops and markets content
management software.

UPDATE

                            REVISED: Nov. 11, 2004
ANNOUNCED: Jun. 15, 2004    PRICE:   $10,800,000
STATUS:    Completed        PAYMENT: Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
ISACSOFT Inc. agreed to acquire ISAC Technologies. Under
the terms ISACSOFt would issue 36 million of its Class A
Common shrs valued at 0.30 per shr for all the remaining
interest in ISAC Technologies.

BUSINESS SERVICES                                       PRIVATELY OWNED

TARGET
Sweetnam Consulting Inc.
Toronto, Ontario                                              SIC: 7372

Sweetnam provides IT and business consulting services.

ACQUIROR
Meridex Software Corp.
Richmond, British Columbia                                    SIC: 7372

Meridex designs, develops and supplies software and
software solutions to businesses.

UPDATE

                            REVISED: Nov. 30, 2004
ANNOUNCED: Nov. 17, 2004    PRICE:   $1,375,000
STATUS:    Completed        PAYMENT: Cash, Other
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Meridex Software Corp. agreed to acquire Sweetnam
Consulting Inc. Under the terms Meridex would pay $1.3
million in a combination of $175,000 promissory note and 1.2
million shrs.

BUSINESS SERVICES                                       PUBLICLY TRADED

TARGET
AD OPT Technologies Inc.
Montreal, Quebec                                              SIC: 7372

AD OPT is a software developer specializing in advanced
human resource scheduling and optimization applications.

2002 Results    Rev  $19,514,000    Assets:  $38,022,000
                NBV: $24,054,000    Net Inc:  $1,440,000

Deal Multiples    Times Rev:  3.49    Offer per Share:    $6.25
                  Times NBV:  2.84    Market Price:       $4.80
                  Times NI:  47.36    Premium to Mkt:     30.21%

ACQUIROR
Kronos Inc.
Massachusetts, United States                                  SIC: 7372

Kronos desgins and develops software products used in
workforce management including staffing, development,
deployment, tracking and rewarding employees.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 19, 2004    PRICE:   $68,200,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
Kronos Inc. acquired AD OPT Technologies Inc. in an all cash
offer. Under the terms Kronos paid $6.25 per shr in cash for all
the shrs of AD OPT Technologies for a total transaction value
of $68.2 million.

BUSINESS SERVICES                                        FOREIGN TARGET

TARGET
Health Business Systems Inc.
Pennsylvania, United States                                   SIC: 7372

Health Business Systems provides technology solutions to
pharmacies in tracking and filling prescriptions.

ACQUIROR
Systems Xcellence Inc.
Milton, Ontario                                               SIC: 7372

Systems Xcellence is a software developer specializing in
online transaction processing for healthcare benefits
management.

INITIAL ANNOUNCEMENT

ANNOUNCED:    Nov. 22, 2004    PRICE:   $28,480,000
STATUS:       Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
System Xcellence, through its U.S. subsidiary, SXC Health
SolutionsInc. agreed to acquire Health Business Systems Inc.
Under the terms System Xcellence would pay US$24 million
for all the shrs in Health Business Systems which had Earnings
Before Interest, Taxes, Depreciationa and Amortization of
about US$3.5 million on US$13.5 million sales.

BUSINESS SERVICES                                       PUBLICLY TRADED

TARGET
Information Holdings Inc.
Connecticut, United States                                    SIC: 7375

Information Holdings (IHI) provides intellectual property
and regulatory information products and services to legal
scientific and corporate markets. IHI also maintains
proprietory databases such as MicroPatent[R], IDRAC and
Data Center[R].

2003 Results    Rev  $105,389,000    Assets:  $485,047,000
                NBV: $365,611,000    Net Inc:  $40,400,508

Deal Multiples  Times Rev:  5.63    Offer per Share: $37.74
                Times NBV:  1.62    Market Price:    $34.93
                Times NI:  14.70    Premium to MM:     8.04%

ACQUIROR
Thomson Corp.
Toronto, Ontario                                              SIC: 2711

Thomson has subsidiaries and affiliates engaged in
newspaper publishing, specialized information publishing
and leisure travel.

UPDATE

                            REVISED: Nov. 30, 2004
ANNOUNCED: Jun. 28, 2004    PRICE:   $593,859,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Thomson Corp. agreed to acquire Information Holdings Inc.
(IHI) in an all cash transaction. Under the terms Thomson
would pay US$28 per shr in cash for all the shrs of Information
Holdings for a total transaction value of US$441 million. IHI
had about US$81 million in revenues for the last fiscal year.
The holders of about 40% IHI shrs agreed to tender to the offer.
The transaction is subject to regulatory and sharehoder
approval.

Nov24. Regulatory approval granted.

BUSINESS SERVICES                                       PRIVATELY OWNED

TARGET
Copernic Technologies
Montreal, Quebec                                              SIC: 7376

Copernic is a developer of information management
technologies and related software.

ACQUIROR
Mamma.com Inc.
Montreal, Quebec                                              SIC: 7372

Mamma.com developes software used in Internet search
engine.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 25, 2004    PRICE:   Not Disclosed
STATUS:    Pending          PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Mamma.com Inc. agreed to buy Copernic Technologies in a
cash and stock transaction. Financial terms of the transaction
were not disclosed.

BUSINESS SERVICES                                       PUBLICLY TRADED

TARGET
Universal ATM Services Inc.
Mississauga, Ontario                                          SIC: 7382

Universal A TM provides armoured car security services to
banking and other business enterprises.

ACQUIROR
Garda Security Group Inc.
Montreal, Quebec                                              SIC: 7382

Garda is the largest security agency in Quebec province.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 9, 2004    PRICE:   $18,000,000
STATUS:    Completed       PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Garda World Security Corp. acquired Universal ATM Services
Inc. of Mississauga. Under the terms Garda paid $18 million
for all the services of ATM Services Inc. Universal had
revenues of $27 million for the last fiscal year.

BUSINESS SERVICES                                       PRIVATELY OWNED

TARGET
RCM Consulting Group
Edmonton, Alberta                                             SIC: 8742

RCM Consulting provides consultation services on employee
benefit plans and associated labor relations issues.

ACQUIROR
Mercer Management Consulting Ltd.
Massachusetts, United States                                  SIC: 8741

Mercer Management is a management consulting firm.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 3, 2004    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Mercer Manegement Consulting acquired RCM Consulting
Group. The terms of the transaction were not disclosed.

BUSINESS SERVICES                                       PUBLICLY TRADED

TARGET
AGTI Consulting Services Inc.
Montreal, Quebec                                              SIC: 8742

AGTI provides information technology consulting services.

ACQUIROR
CGI Group Inc.
Montreal, Quebec                                              SIC: 8742

CGI Group provides information technology consulting
services in three areas: information systems,
telecommunications and management.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 5, 2004    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Cash

CLASSIFICATION: Change in Control, Acquisition of Remainder

DESCRIPTION:
CGI Group Inc. acquired the remaining 51% stake in AGTI
Consulting Services Inc. that it did not already own. The
financial terms of the transaction were not disclosed. CGI
acquired 49% stake of AGTI in 2001. AGTI had revenues of
about $50 million for the last fiscal year.
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Title Annotation:Transaction Announcements
Publication:Mergers & Acquisitions in Canada
Date:Dec 1, 2004
Words:2128
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