Motorola ties up Vertex Standard acquisition

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Motorola ties up Vertex Standard acquisition

Motorola subsidiary MI has completed its tender offer to acquire a controlling interest in Vertex Standard, a provider of two-way radio technology.

The tender offer period expired on 15 January when approximately 5.4 million shares had been tendered and accepted.

Under the terms of the agreement, Tokogiken, a privately held Japanese company controlled by Vertex Standard president and chief executive Jun Hasegawa, will retain a 20 per cent stake in the company.

Motorola will own the remaining 80 per cent through a subsequent restructuring process.

Motorola launched the tender offer on 5 November in cooperation with Tokogiken with the intention of forming a joint venture to develop and sell Vertex Standard branded products and develop select Motorola branded products.

All regulatory clearances required for the completion of the transaction have been obtained, the firms confirmed today.

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