Published: February 03, 2011
L-1 Identity Solutions Stockholders Vote to Approve the Merger with Safran SA
STAMFORD, Conn. - (BUSINESS WIRE) - L-1 Identity Solutions, Inc. (NYSE:ID), a leading provider of identity
solutions and services, today announced that its stockholders have
approved the previously announced merger transaction with Safran SA. The
L-1 shareholder approval of the transaction was one of the conditions to
completing the Safran merger. Having received L-1 shareholder approval
and notification from the Federal Trade Commission that the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, applicable to the merger has terminated, completion of the
merger remains subject to approval by the Committee on Foreign
Investment in the United States (CFIUS), completion of the previously
announced sale of the L-1 intelligence services businesses to BAE
Systems Information Solutions Inc. (BAE Systems) and the satisfaction or
waiver of other customary conditions.
Approval of the proposal to adopt the previously announced Agreement and
Plan of Merger dated September 19, 2010 with Safran SA, and the
acquisition via merger of L-1 by Safran contemplated thereby, required
the affirmative vote of the holders of a majority of the outstanding
shares of L-1's common stock. Approximately 99 percent of the shares
voting at today's special meeting of stockholders voted in favor of the
proposal, which represented approximately 70 percent of the total
outstanding shares of L-1 common stock as of December 27, 2010 (the
record date for the special meeting).
Under the terms of the Merger Agreement, L-1 stockholders will be
entitled to receive $12.00 per share in cash upon closing of the Safran
merger, for an aggregate enterprise value of approximately $1.6 billion,
inclusive of outstanding debt.
L-1 continues to expect the Safran merger to close during the first
quarter of 2011, subject to the timing of the CFIUS process in respect
of the Safran merger and completion of the BAE Systems transaction, and
assuming satisfaction or waiver of all other applicable conditions. L-1
continues to expect the BAE Systems transaction to close during the
first quarter of 2011, subject to the receipt of confirmation of a
planned contract novation from a U.S. government customer and assuming
satisfaction or waiver of all other applicable conditions.
About L-1 Identity Solutions
L-1 Identity Solutions, Inc. (NYSE: ID) protects and secures personal
identities and assets. Its divisions include Biometrics / Enterprise
Access and Secure Credentialing solutions, as well as Enrollment and
Government Consulting services. With the trust and confidence in
individual identities provided by L-1, international governments,
federal and state agencies, law enforcement and commercial businesses
can better guard the public against global terrorism, crime and identity
theft fostered by fraudulent identity. L-1 Identity Solutions has more
than 2,200 employees worldwide and is headquartered in Stamford, CT. For
more information, visit www.L1ID.com.
Forward Looking Statements
This news release contains forward-looking statements that involve risks
and uncertainties. Forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995 and reflect the Company's current views based on management's
beliefs and assumptions and information currently available.
Forward-looking statements concerning future plans or results are
necessarily only estimates, and actual results could differ materially
from expectations. Certain factors that could cause or contribute to
such differences include, among other things, the availability of
customer funding for L-1 products and solutions, general economic and
political conditions, the timing of consummating the previously
announced proposed transactions with BAE Systems and Safran, the risk
that a condition to closing such transactions may not be satisfied or
waived, the risk that a regulatory approval that may be required for
such transactions is not obtained or is obtained subject to conditions
that are not anticipated, the ability of the Company to successfully
refinance or amend its credit agreement on a timely basis if required,
and additional risks and uncertainties described in the Securities and
Exchange Commission filings of L-1 Identity Solutions, including its
Form 10-K for the year ended December 31, 2009 its Form 10-Q for the
quarter ended September 30, 2010 and the Form 8-K filed on November 17,
2010. L-1 Identity Solutions expressly disclaims any intention or
obligation to update any forward-looking statements.
ID:D

L-1 Identity Solutions, Inc.
Doni Fordyce, 203-504-1109
dfordyce@L1ID.com
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