BRIEF-Foxconn Technology Group agrees to buy Smart Technologies

Thu May 26, 2016 9:32am EDT
 
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May 26 (Reuters) - Smart Technologies Inc :

* Smart enters into arrangement agreement with Foxconn Technology Group

* Arrangement agreement provides that a termination fee of us$8.9 million will be payable by smart in certain circumstances

* Foxconn has agreed to acquire all of outstanding common shares of smart for a cash payment of us$4.50 per common share

* Board of directors of smart unanimously approved arrangement

* All of directors, certain of officers of smart and certain of its shareholders, have entered into lockup agreements

* Arrangement agreement provides that any subsidiary of Hon Hai Precision Industry Co Ltd may participate in investment in smart

* Agreement provides strategic partners designated by Hon Hai Precision Industry may participate in up to 33 1/3% of investment

* Pursuant to lockup agreements, directors agreed to support arrangement and vote their common shares in favour of arrangement Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)