Brief: Foxconn Technology Group agrees to buy Smart Technologies

Standard Mercantile Acquisition

26/05/2016 14:06

May 26 (Reuters) - Smart Technologies Inc  SMA.TO : 
    * Smart enters into arrangement agreement with Foxconn 
Technology Group 
    * Arrangement agreement provides that a termination fee of 
us$8.9 million will be payable by smart in certain circumstances 
    * Foxconn has agreed to acquire all of outstanding common 
shares of smart for a cash payment of us$4.50 per common share 
    * Board of directors of smart unanimously approved 
arrangement 
    * All of directors, certain of officers of smart and certain 
of its shareholders, have entered into lockup agreements 
    * Arrangement agreement provides that any subsidiary of Hon 
Hai Precision Industry Co Ltd may participate in investment in 
smart 
    * Agreement provides strategic partners designated by Hon 
Hai Precision Industry may participate in up to 33 1/3% of 
investment 
    * Pursuant to lockup agreements, directors agreed to support 
arrangement and vote their common shares in favour of 
arrangement 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nPnpd4Sna 
Further company coverage:  SMA.TO  
 
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