Dyson-Kissner-Moran to Acquire Optek

Technology holding company Dyson-Kissner-Moran has signed an agreement to acquire Optek Technology Inc. (Carrollton, TX) for approximately $200 million in cash. Optek shareholders will receive $25.50 per share in cash under a tender offer for all of the company's outstanding shares. The tender offer is expected to commence within a week and is scheduled to close after 20 business days. Optek shares not purchased in the tender offer will be converted into $25.50 per share in cash in a subsequent merger; the company's board has recommended that stockholders tender their shares and approve the merger. The tender offer is subject to a majority of Optek's shares being tendered and not withdrawn, as well as other conditions.

Separately, Optek announced revenues of $20.1 million for the second quarter of fiscal year 1999 (ended April 30), down 13% from the figure reported for the same period in the previous year. its results for the second fiscal quarter ended April 30, 1999. Second quarter revenues were $20.1 million, which represent a decrease of approximately 13% from the same quarter of the prior fiscal year. Optek earned $0.30 per share on a diluted basis in the second fiscal quarter, which compares to $0.46 per share on a diluted basis for the same quarter of the prior fiscal year.

Optek produces custom optoelectronic, magnetic, and fiber optic sensor products for the automotive, industrial, aerospace, medical, defense, and communications markets; Dyson-Kissner-Moran is a privately-owned holding company; subsidiary Wabash Technologies manufactures producer of customized sensors and actuators for the global automotive and off-road markets.