P.M. BRIEFING : Siebe $656 Million Buys Foxboro
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From Times Wire Services
LONDON — Siebe PLC, a British security systems engineering group, has agreed to acquire Foxboro Co., a U.S.-based manufacturing equipment maker, for $656 million, the companies said today.
Siebe is offering $52 a share for Foxboro’s 12.62 million outstanding shares, the companies said.
Foxboro stock soared on the news, rising $12.75 to $50.87 1/4 a share in early New York Stock Exchange trading.
