(RFIDWorld.ca) Federal Signal Cop (FSS.N), said it would obtain Canada’s Sirit Inc. (SI.TO), a maker of Radio Frequency Identification (RFID) technology. The amount it would pay is about $48 million so that it can boost its public safety systems profile.
Federal Signal which makes security systems stated its offer of 13 Canadian cents per Sirit share. This is a 15 percent premium to Wednesday’s closing price for Sirit.
RFID technology made my Sirit is used for applications such as electronic vehicle registration, tolling, supply chain systems and cashless payments.
Federal Signal said it plays to finance the buy through the use of its cash on hand as well as existing bank lines of credit.
On the New York Exchange, Federal Signals stocks closed at $6.80 on Wednesday.