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NMRX

Numerex

$4.92

0.12 (2.50%)

, SWIR

Sierra Wireless

$29.40

-0.25 (-0.84%)

08:41
08/03/17
08/03
08:41
08/03/17
08:41

Numerex confirms acquisition by Sierra Wireless

Numerex (NMRX) and Sierra Wireless (SWIR) have entered into a definitive merger agreement under which Sierra Wireless will acquire Numerex in a stock-for-stock merger transaction. The equity value of the Transaction is approximately $107M based on Sierra Wireless' closing stock price on August 1 of $29.65 per share, and represents a premium of 17.5% to Numerex's volume weighted average share price for the 20 trading day period ending August 1. Under the terms of the Merger Agreement, Numerex shareholders will receive a fixed exchange ratio of 0.1800 common shares of Sierra Wireless for each share of Numerex common stock. Upon completion of the Transaction, Numerex will become a subsidiary of Sierra Wireless and approximately 10% of the common shares of Sierra Wireless on a fully diluted basis will be held by Numerex shareholders. Concurrent with closing, Numerex's debt of approximately $20M including fees shall be repaid with Sierra Wireless cash. The Transaction is expected to close by the end of 2017, subject to the receipt of Numerex shareholder approval and certain regulatory and government approvals, and satisfaction of other customary conditions. The board of each of Numerex and Sierra Wireless has unanimously approved the Transaction. Numerex shareholders owning approximately 27% of Numerex's outstanding stock have entered into voting agreements under which they have agreed to vote in favor of the Transaction.

NMRX

Numerex

$4.92

0.12 (2.50%)

SWIR

Sierra Wireless

$29.40

-0.25 (-0.84%)

  • 08

    Aug

  • 29

    Aug

NMRX Numerex
$4.92

0.12 (2.50%)

01/12/17
FANA
01/12/17
DOWNGRADE
Target $5.5
FANA
Underweight
Numerex downgraded to Underweight from Equal-Weight at First Analysis
First Analysis analyst Howard Smith downgraded Numerex to Underweight saying the unexpected CEO termination brings near-term uncertainty. The analyst cut his price target for the shares to $5.50 from $7.
03/17/17
FANA
03/17/17
UPGRADE
Target $5
FANA
Equal-Weight
Numerex upgraded to Equal-Weight from Underweight at First Analysis
First Analysis analyst Howard Smith upgraded Numerex to Equal-Weight saying his sell thesis has played out and that the company will be able to refinance its debt on terms not significantly different than current terms. The analyst lowered his price target for the shares to $5 from $5.50.
SWIR Sierra Wireless
$29.40

-0.25 (-0.84%)

03/27/17
03/27/17
DOWNGRADE
Target $30

Market Perform
Sierra Wireless downgraded to Market Perform on valuation at Raymond James
As previously reported, Raymond James upgraded Sierra Wireless to Market Perform from Outperform and raised its price target to $30 from $23.50. Analyst Steven Li believes shares are a "little ahead" of themselves and said recent large contract wins are at lower margins and dont fully ramp until 2019.
04/25/17
BNCH
04/25/17
INITIATION
BNCH
Hold
Sierra Wireless initiated with a Hold due to valuation at Benchmark
Benchmark analyst Scott Searle initiated Sierra Wireless with a Hold due to recent share strength.
05/05/17
ADAM
05/05/17
NO CHANGE
Target $30
ADAM
Buy
Sierra Wireless price target raised to $30 from $25 at Canaccord
Canaccord analyst T. Michael Walkley raised his price target on Sierra Wireless to $30 from $25 following strong Q1 results. The analyst cited the company's increased guidance, strong trends across all units, and the company's opportunity to benefit from broader IoT trends. Walkley reiterated his Buy rating on Sierra Wireless shares.
05/30/17
TDSI
05/30/17
INITIATION
Target $30
TDSI
Hold
Sierra Wireless initiated with a Hold at TD Securities
TD Securities analyst Daniel Chan initiated Sierra Wireless with a Hold and a $30 price target saying valuation reflects catalysts.

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