Coreco shares surge on Dalsa deal

March 1, 2005
Coreco shares skyrocketed 65% in mid-February after the maker of image-processing technology said it would be purchased for C$72 million ($58.5 million) by Dalsa Corp. (Waterloo, ON, Canada), which makes image sensor equipment.

MONTREAL, CANADA - Coreco shares skyrocketed 65% in mid-February after the maker of image-processing technology said it would be purchased for C$72 million ($58.5 million) by Dalsa Corp. (Waterloo, ON, Canada), which makes image sensor equipment. Under a deal supported by both boards, Dalsa will pay Coreco shareholders either 0.5207 of a Dalsa common share, C$10 cash, or a combination of cash and stock.

The C$10 offer represents a 57.5% premium to the 90-day average price of Coreco shares, Dalsa said, adding it will pay a maximum of C$35 million in cash. Shares in Coreco added C$3.90 to C$9.90 on the Toronto Stock Exchange, while Dalsa stock dipped C$0.40, or 2%, to C$19.21.

Raymond James analyst Sera Kim said the deal is consistent with Dalsa’s acquisition strategy to add complementary technology, enter new markets, and add to earnings within one year.

Coreco, which will become a separate operating division of Dalsa, makes hardware and software for the computer-vision industry. Its image-processing boards are used by computers to process and analyze images. Dalsa makes CCD and CMOS image sensor chips and digital cameras.

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