Honeywell received antitrust clearance from the US Federal Trade Commission for its pending all cash tender offer to acquire the shares of Sperian Protection for US$152 per Sperian Protection share, which opened on July 12, 2010.
The transaction has already been approved by the French Ministry of Economy, Industry and Employment pursuant to French regulations relating to foreign investments.
The offer has been unanimously recommended by the Sperian Board of Directors, has been cleared by the French Autorite des marches financiers (AMF) on June 22 and has been opened on July 12.
The completion of the offer only remains subject to the European Union antitrust clearance and to the successful tender by Sperian's shareholders of shares representing no less than 57 percent of the fully diluted number of shares.
Honeywell expects the transaction to close in the third quarter of 2010. The exact closing date of the offer will be determined by the AMF once the approval of the European antitrust authority is granted.
Sperian Protection is a provider of personal protection equipment design and manufacturing and will be combined within Honeywell's automation and control solutions' life safety business.