ORLANDO, Fla., June 2 (UPI) -- API Technologies reports it has completed its acquisition of Spectrum Control Inc., a Pennsylvania manufacturer of custom electronic systems.
Spectrum was a wholly owned subsidiary of API Technologies, which has headquarters in Florida.
As a result of the merger, all outstanding shares of Spectrum common stock were converted into the right to receive $20 per share in cash, without interest and less required withholding taxes.
API's payment agent will mail to Spectrum stockholders materials necessary to exchange Spectrum stock certificates for payment.
The closing of the acquisition of Spectrum allows API to gain significant expertise in RF, sensors and measurement and power systems management technology, as well as significant scale, manufacturing capacity and product diversity.
"Spectrum offers one of the widest ranges of RF product solutions worldwide, which complements our existing business in engineered systems and sub-systems and secure communications," said Bel Lazar, president and chief operating officer of API.
"With this business combination, we will offer an even broader range of high-reliability solutions to meet technically demanding applications."
