INSIGHTS
L-1 Identity Solutions, announced that in connection with the pending acquisition of L-1 by Safran, L-1 believes that the parties have made progress with the Committee on Foreign Investment in the United States (CFIUS). In order to provide additional time for the efforts to negotiate the terms of a definitive mitigation agreement, CFIUS has accepted the joint request by Safran and L-1 to voluntarily withdraw the CFIUS notification and the parties have refiled the notification.
L-1 Elaborates Acquisition Negotiations Having More Progresses with CFIUS
Date: 2011/05/03
Source: L-1 Identity Solutions
L-1 Identity Solutions, announced that in connection with the pending acquisition of L-1 by Safran, L-1 believes that the parties have made progress with the Committee on Foreign Investment in the United States (CFIUS). In order to provide additional time for the efforts to negotiate the terms of a definitive mitigation agreement, CFIUS has accepted the joint request by Safran and L-1 to voluntarily withdraw the CFIUS notification and the parties have refiled the notification.
“We continue to work together to negotiate the elements of a definitive mitigation agreement satisfactory to CFIUS,” said Robert LaPenta, Chairman, President and CEO of L-1 Identity Solutions. “L-1 looks forward to obtaining CFIUS approval and closing the transaction as soon as possible.”
While the acceptance of the refiling by CFIUS will commence a new 30-day review period, there can be no assurance that a definitive mitigation agreement will be executed. However, L-1 expects the parties to work diligently in an effort to finalize the agreement as quickly as possible.
L-1 expects the closing of the acquisition to occur within the next 30 to 40 days, subject to the timing and completion of the CFIUS process and assuming satisfaction or waiver of all other applicable conditions.