Federal Signal Completes Acquisition of Sirit

Federal Signal Corporation (NYSE:FSS – News), a leader in environmental, safety and transportation solutions, and Sirit Inc. (“Sirit”) (TSX:SI.to – News), a leading provider of radio frequency identification (“RFID”) technology, today announced that Federal Signal has completed the acquisition of Sirit.  “Completing the acquisition of Sirit opens the way to exciting possibilities for Federal Signal,” said William Osborne, Federal Signal’s President and Chief Executive Officer. “The strategic rationale for bringing Sirit together with Federal Signal’s Diamond Consulting Services, PIPS and newly acquired VESystems businesses is compelling. [Read the full article]

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Security systems maker Federal Signal Corp. said Friday that it has completed its $70 million acquisition of Sirit Inc., a Canadian company that provides radio frequency identification, or RFID, technology.

Federal Signal, based in Oak Brook, Ill., agreed last month to buy Sirit for $70 million, or about 45 cents per share. It raised the offer twice from an original bid of $48 million. The Ontario Superior Court of Justice approved the sale on Wednesday. [Read the full article]

Cable operator RCN Corp. said Friday that it will be acquired by a private equity firm for about $570 million and its shares jumped 23 percent.

An investment fund managed by Abry Partners will purchase the company for $15 in cash per RCN share, which is a 22 percent premium over the stock’s closing price on Thursday.

The deal is expected to be completed in the second half of the year. RCN is allowed to seek other buyout bids through April 14.

The buyout will be funded by equity from Abry and financing from SunTrust Robinson Humphrey Inc., GE Capital, Societe Generale and others.

A fourth-quarter earnings conference call, originally scheduled for Tuesday, has been postponed. [Read the full article]

Rafaella Apparel Group, Inc. (“Rafaella”) announced today that it is distributing a supplement to clarify certain disclosure set forth in its Offer to Purchase with respect to the “Modified Dutch Auction” tender offer commenced by Rafaella on February 22, 2010 (the “Tender Offer”).  

The material terms and conditions of the Tender Offer remain unchanged, and the Tender Offer will still expire at 11:59 p.m., New York City time, on March 19, 2010, as initially announced, unless subsequently extended (as such time and date may be extended or earlier terminated, the “Expiration Date”).  The sole purpose of the supplement is to clarify certain disclosure with respect to the Purchase Price and Rafaella’s obligation to purchase its 11-1/4% Senior Secured Notes due 2011 (the “Notes”) and the Purchase Price (as defined below) with respect to the Notes. [Read the full article]

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