Sierra Monitor Corporation, a provider of Industrial Internet of Things (IIoT) solutions, announced that it has signed a definitive agreement to be acquired by MSA Safety Incorporated.
“MSA Safety is a recognized leader in safety solutions, and we are excited to join such a well-respected organization,” said Jeff Brown, Sierra Monitor’s president and CEO. “SMC will bolster MSA’s strong industrial solutions, and we believe MSA’s customer base will embrace SMC’s advanced industrial internet of things (IIoT) solutions, helping accelerate our growth. Together, SMC and MSA are industry leaders, with scale, reach, and a proven ability to develop advanced solutions to meet the evolving needs of our customers.”
Under terms of the agreement, Sierra Monitor Corporation will become an indirect wholly owned subsidiary of MSA Safety.
Upon closing, each issued and outstanding share of SMC common stock (other than shares owned or held in treasury by SMC) will be cancelled and automatically converted into the right to receive $3.25 in cash, without interest, representing a 55 per cent premium to the closing price on March 28.
Under the merger agreement, at the effective time of the merger, MSA Safety will assume vested or unvested and outstanding SMC stock options and restricted stock awards granted to SMC employees.
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