NEWARK, Calif., June 25 -- InVision Technologies Inc. said its shareholders approved General Electric Co.'s $900 million cash acquisition of InVision at a special meeting held today at the company's Newark, Calif., headquarters.
On March 15, InVision announced that GE had agreed to acquire the company in an all-cash transaction valued at approximately $900 million, or $50 per share.
GE and InVision said they anticipate the proposed acquisition will be completed on or about July 15, subject to customary closing conditions, including regulatory approvals.
The companies recently settled two lawsuits related to the pending acquisition. None of InVision's board members will be appointed to GE's board.
InVision Technologies and its subsidiaries make explosives detection systems based on advanced computed tomography (CT) technology, x-ray diffraction and quadrupole resonance. Beginning in 1990, InVision introduced CT technology for checked baggage inspection. GE's Ion Track offers ion trace detection systems for detecting explosives and narcotics.
By combining InVision and GE Ion Track, GE said it will be able to provide a suite of complementary high-technology detection and security solutions to help protect airports and other mass transportation systems; border interdiction and customs sites; high-security installations like power plants, chemical plants and military bases; and entertainment facilities such as sports arenas.
GE Infrastructure Security President Ken Boyda said of the acquisition, "We will continue to innovate and add new technology for customers who already own GE or InVision detection systems. This combined platform will ultimately make it more effective for customers to acquire and integrate a comprehensive security screening system. The merged GE/InVision will also develop sophisticated systems that will simplify the check-in process while providing travelers a greater peace of mind."
For more information, visit: www.invision-tech.com