L-1 Identity Solutions, Digimarc Corp. Announce Merger Agreement
Digimarc Corp. recently announced that Digimarc has signed an amended definitive merger agreement with L-1 Identity Solutions. The proposed transaction values the ID Systems Business of Digimarc at $310 million, an increase of approximately $50 million over the purchase price provided in the existing merger agreement between the parties.
The revised transaction will be effected through a tender offer, followed by a merger of Digimarc with a wholly-owned subsidiary of L-1.
The Digimarc Board of Directors unanimously approved the new offer from L-1 and is recommending that Digimarc's stockholders tender into the offer. The company has terminated discussions with Safran regarding their non-binding expression of interest in acquiring the ID Systems Business.
“L-1 CEO Bob La Penta has a clear and convincing vision of global needs for improved identity management,” said Digimarc chairman and CEO Bruce Davis said. “The combination of our ID Systems Business with L-1 positions L-1 as a world leader in providing identity management solutions, with an unrivalled portfolio of technologies, expertise, experience, and relationships. This comes at a very opportune time as many of our customers are considering significant security upgrades and the US government has awarded tens of millions of dollars of grant monies to improving America’s driver license issuance systems.”