Oxnard-based CalAmp completed its hostile takeover of Canton, Mass.-based LoJack on Feb. 1 by buying LoJack for $134 million.
CalAmp makes wireless devices for the vehicle and transportation industries while LoJack makes theft recovery systems for cars, trucks and construction equipment. CalAmp had discussions with LoJack for 14 months prior to December 2015 and made three cash offers to buy LoJack.
A Dec. 10 letter from CalAmp to LoJack’s board of directors changed everything. The letter said “to the detriment of LoJack’s shareholders” LoJack had not shown a willingness to negotiate. CalAmp also made a $113 million offer in the letter.
CalAmp will pay $6.45 per share. LoJack CEO Randy Ortiz said the deal is great for shareholders.
“We are proud that CalAmp recognizes LoJack’s success over the last 30 years in creating theft recovery solutions and developing strong customer relationships around the world,” Ortiz said in a news release. “With CalAmp as our partner, the LoJack brand will continue to expand.”
• Contact Philip Joens at [email protected]biztimes.com.