Richardson, Texas–AMX Corp. and Duchossois Industries Inc. have entered into a definitive agreement under which an affiliate of Duchossois will acquire AMX.
AMX will continue to be headquartered in Richardson, Texas and will maintain the AMX name and brand. The AMX management team, along with its employees, will remain in place following the acquisition and business operations will continue as usual.
AMX customers will continue to place product orders and request technical support through the same procedures. Customers’ direct sales, distributor and independent representation contacts will not change, and AMX’s current relationship with its manufacturing and operations partners and suppliers will not be affected.
Under the terms of the agreement, AMX shareholders will receive $22.50 per share in cash, a 28 percent premium over the average closing price of AMX’s common stock for the 90 trading days ended February 14.
“The AMX Board of Directors and management team have determined that the Duchossois offer is the best approach to maximize shareholder value,” said Bob Carroll, AMX president and CEO. “The agreement signed with Duchossois provides shareholders an excellent return on their AMX stock investment. Just two years ago, AMX had a market capitalization of approximately $12 million and is today valued at approximately $315 million through the Duchossois offer. This clearly is a win for our shareholders.”
The AMX board of directors unanimously approved the transaction. The parties involved in the deal expect Duchossois’ acquisition of AMX to be completed during the second calendar quarter of 2005. The total transaction is valued at approximately $315 million.
Shareholders, including AMX’s directors and officers, holding a total of approximately 17.7 percent of the outstanding shares of AMX, have entered into separate agreements to tender their shares in support of the transaction.
Carroll noted that AMX is pleased to join Duchossois Industries because of its proven history of building successful businesses. “We will continue to build upon the solid platform we have established to grow AMX’s existing business,” he said. “An alliance with Duchossois will help accelerate new research and development and acquisition programs that will enhance our growing product portfolio. Our proven successes, coupled with Duchossois’ operating experience, relationships and financial resources, will strengthen our industry leadership position and assure our future growth.”
Craig Duchossois, CEO of Duchossois Industries, added that his company has a deep appreciation for the hundreds of individuals who have built the AMX organization over the past two decades. “The strength of AMX’s management team and employees has created an industry leader and top innovator of control system technology,” he said. “Our goal is to significantly enhance AMX’s leadership position through expanded research and development and acquisition programs, enabling the company to grow into new markets. We look forward to working with Bob Carroll and the rest of the AMX team to build upon the strengths of this world-class company and deliver even greater value to its customers and partners.”
Other Duchossois holdings include The Chamberlain Group, a world leader in consumer and commercial garage door openers and other access control products, and Duchossois Technology Partners, which invests in advanced-technology ventures.