Current Price: C$1.74
Merger Consideration: C$1.81
Estimated Closing: January 2020
This is a very short and time sensitive note on the Intrinsic Technologies acquisition by Lantronix.
Consideration stands at $0.55/share in cash + 0.2135 LTRX per each ITC share (cash is 40%). The transaction is very small ($27m) and currently in its final stage. Shareholders have already granted the approval (30th Dec) and only the court and customary conditions remain. The closing is estimated this month, yet 4% is still here for no apparent reason. Borrow is available and cheap (2.51% annually). Maybe the reason is the micro size of the transaction. Financing is in place. Recent liquidity is about 20k shares/day.
Both companies operate in IoT business.