Yesterday after the close of the market, the company confirmed indeed it had put itself up for sale
- In response to press reports, Axsys Technologies, Inc. (NasdaqGS:AXYS - News), a global leader in the design and development of high-performance surveillance cameras, imaging systems and related motion control technologies, today announced that it is evaluating the possible sale of the company.
- Notwithstanding strong historical and projected revenue and earnings growth, downward pressure on Axsys' publicly traded stock in recent months has led to an increasing number of overtures from interested strategic buyers. In order to evaluate the level of interest in a structured manner, management has engaged the investment banking firm, Jefferies & Company, Inc., to conduct a formal process.
- The company's enviable balance sheet, growth prospects, and market presence, which make Axsys an attractive acquisition candidate, also position Axsys as an effective stand-alone company. As a consequence, while Axsys' board of directors feels that it is appropriate to evaluate offers for the company, it is under no obligation to accept an offer that it does not believe is in the best interest of its shareholders. There can be no assurance made that a transaction will be consummated, if at all, on terms acceptable to Axsys and its shareholders.
A quick analyst blurb
- Surveillance camera maker Axsys Technologies Inc., which is exploring a sale of company, "could attract interest from one of the major U.S. defense contractors," Morgan Keegan analyst Brian W. Ruttenbur said Thursday.
- The major defense contractors, he noted, all have significant cash positions, and what he believes is a desire to gain greater exposure to niches of the defense market that "should continue to see solid growth over the next several years."
- The analyst, who rates Axsys "Outperform," said whether or not there is a deal he is optimistic about the company's prospects. Its shares, he added, are attractively valued.
