Honeywell International Inc. has agreed to make an all cash takeover bid to acquire Silent Witness, provider of video monitoring technology.
The board of directors of Silent Witness has unanimously recommended that its shareholders accept Honeywell's offer.
Silent Witness, founded in 1986, is a designer and manufacturer of high-performance CCTV cameras, digital and analog storage solutions, digital processing technologies and network-based remote video surveillance.
The takeover bid will be subject to applicable regulatory approvals, including a condition that at least 90% of the Silent Witness shares are tendered to the bid.
The two companies expect to complete the acquisition in the fourth quarter of 2003.