February 7, 2023
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CalAmp makes $113 million offer to acquire LoJack


Oxnard-based CalAmp made a $113 million offer Dec. 10 to acquire LoJack, the maker of theft recovery systems for cars, trucks and construction equipment.

The offer of $5.50 a share is a 58 percent premium to LoJack’s closing price on Dec. 9 and a 24 percent premium to LoJack’s 52-week high.

CalAmp has had friendly discussions with and made three cash offers for Canton, Mass.-based LoJack in the past 14 months, CalAmp Chief Executive Michael Burdiek said in a news release, adding that “to the detriment of LoJack’s shareholders, LoJack has not demonstrated willingness to move toward actively negotiating a transaction.”

CalAmp, which makes wireless devices for the vehicle and transportation industries, said in a letter to LoJack’s board that a merger would help accelerate revenue and profit growth and offer a more integrated portfolio of products.

“The combination of LoJack’s world renowned brand and strong relationships with CalAmp’s leading portfolio of wireless connectivity devices, software, services and applications would create a market leader that is well-positioned to drive the broad adoption of vehicle telematics technologies and applications worldwide,” said Burdiek.

CalAmp on Dec. 10 also updated its outlook for the fiscal 2016 third quarter ended Nov. 30 and the full-year ending Feb. 29, 2016.

The company currently expects fiscal 2016 third quarter revenue in the range of $74 to $75 million, with GAAP-basis net income in the range of $0.10 to $0.11 per diluted share and non-GAAP net income in the range of $0.29 to $0.31 per diluted share. In addition, the company also expects full-year revenues in the range of $282 to $288 million.

• Contact Glenn Rabinowitz at grabinowitz@pacbiztimes.com.