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Methode Electronics Completes Acquisition of BC-based Pacific Insight Electronics Corp.
Wednesday, October 4, 2017Company Profile | Follow Company
Burnaby, BC, October 4, 2017--(T-Net)--Pacific Insight Electronics Corp. (TSX:PIH) announced today the successful completion of the plan of arrangement with Methode Electronics, Inc. (NYSE: MEI), pursuant to which Methode, through its wholly-owned subsidiary Methode Electronics British Columbia Corporation, has acquired all of the outstanding common shares of Pacific Insight.
Pursuant to the Arrangement, Pacific Insight shareholders received CAD$18.50 per Pacific Insight Share.
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Editor's Note: Earlier this week Shenzhen Kaizhong Precision Technology Co. Ltd. issued a news release in China announcing that Kaizhong is no longer proceeding with its proposed acquisition of the Company (they had made a competitive bid for Pacific Insight after Methode's original offer).
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The Pacific Insight Shares are expected to be delisted from the TSX as soon as practicable.
About Pacific Insight
Pacific Insight (TSX:PIH) is a global solutions provider offering design, development, manufacturing and delivery of electronic products and full-service solutions to the automotive, commercial vehicle and specialty markets. Pacific Insight provides OEMs as well as Tier 1 and Tier 2 customers with a range of cost competitive products including LED lighting systems, electronic control modules and wire harnesses. For further information about Pacific Insight's business, please visit the company's website at www.pacificinsight.com.
About Methode
Methode (NYSE:MEI) is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, safety radio remote control, sensing and optical technologies to control and convey signals through sensors, interconnections and controls. Methode's business is managed on a segment basis, with those segments being Automotive, Interface, Power Products and Other. Methode's components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. Further information can be found on Methode's websitewww.methode.com.
Contact Information
Investor Relations
investor@pacificinsight.com
1.800.995.1155
Media Inquiries
communications@pacificinsight.com
1.800.995.1155
Company Snapshot |
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Pacific Insight Electronics Corp.
Burnaby, BC (Other Tech Sectors)
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