Pacific Scientific to Decide on Takeover by Dec. 29
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NEWPORT BEACH — Pacific Scientific Co. said Tuesday that it will review Kollmorgen Corp.’s hostile offer and will make a recommendation to its shareholders on or before Dec. 29.
Newport Beach-based Pacific Scientific urged its shareholders to take no action on Kollmorgen’s $20.50-a-share bid until Pacific Scientific makes its recommendation.
Kollmorgen, a Massachusetts manufacturer of generators, tachometers and infrared-imaging systems, is bidding to acquire 51% on Pacific Scientific’s common stock. The offer is scheduled to expire Jan. 14.
Pacific Scientific makes motors and generators, street-lighting controls and electronic ballasts. The company also makes fire-detection and suppression equipment and flight-control components.
Pacific Scientific shares fell 6 cents to $21.94, while Kollmorgen stock rose 19 cents to $18.69.
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