CalAmp Corp. (NASDAQ:CAMP) and LoJack Corporation (NASDAQ:LOJN) announced that CalAmp’s wholly-owned subsidiary,Lexus Acquisition Sub, is commencing a cash tender offer to purchase all outstanding shares of LoJack. CalAmp and LoJack previously announced on Monday, February 1, 2016 that they had entered into a definitive merger agreement under which CalAmp would acquire LoJack.
The tender offer is being made pursuant to an Offer to Purchase, dated as of the date hereof. Upon successful completion of the tender offer, shareholders of LoJack will receive $6.45 in cash for each share of LoJack common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable withholding tax.
CalAmp and Purchaser will file today with the U.S. Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO that includes the Offer to Purchase and related Letter of Transmittal that set forth the terms and conditions of the tender offer. Additionally, LoJack will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 that includes the recommendation of the LoJack board of directors that LoJack shareholders tender their shares in the tender offer.
The tender offer will expire at 12:00 midnight (Eastern time) on Monday, March 14, 2016, unless the offer period is extended in accordance with the definitive merger agreement and the applicable rules and regulations of the SEC. The completion of the tender offer will be conditioned on LoJack’s shareholders tendering at least 66 2/3% of LoJack’s outstanding shares, determined on a fully diluted basis, and other customary closing conditions. (Original Source)
Shares of Calamp closed last Friday at $16.68. CAMP has a 1-year high of $21.82 and a 1-year low of $14.01. The stock’s 50-day moving average is $17.82 and its 200-day moving average is $17.91.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on February 1, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on CAMP, with a price target of $27, which implies an upside of 61.9% from current levels. Separately, on December 7, Chardan’s Marc Estigarribia initiated coverage with a Buy rating on the stock and has a price target of $24.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Marc Estigarribia have a total average return of 10.3% and -18.5% respectively. Walkley has a success rate of 53.4% and is ranked #49 out of 3579 analysts, while Estigarribia has a success rate of 6.7% and is ranked #3261.
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.