Motorola Solutions Inc., a U.S. maker of walkie-talkies and radio-tracking chips, agreed to buy Psion Plc for 123.9 million pounds ($193 million) to expand in heavy-duty mobile computing devices.
Motorola Solutions is making an all-cash offer of 88 pence a share, or 45 percent more than Psion’s closing price yesterday, the Schaumburg, Illinois-based manufacturer said today in a statement. The takeover will help earnings in the first year after completion, Motorola Solutions said.
The U.S. company, which took over management this year of Norway’s emergency-communications network, makes the ET1 tablet for corporate customers. London-based Psion’s product line includes the EP10 low-cost personal organizer and Omnii portable devices for logistics management. The U.K. company said its board unanimously recommends shareholders accept the offer.
Psion jumped as much as 48 percent to 89.75 pence, the biggest intraday gain since 1998, and was trading 45 percent higher at 87.75 pence as of 3:25 p.m. in London. Motorola Solutions gained as much as 1.5 percent to $48.08 and was up 1.2 percent in New York Stock Exchange composite trading.