By Lisa Kerner
Charlotte, N.C., Feb. 14 - Integrated Alarm Services Group, Inc. shareholders will vote on the company's merger plan and agreement with Protection One, Inc. and its subsidiary Tara Acquisition Corp. at a special meeting on March 27, according to an 8-K filing with the Securities and Exchange Commission.
Under the terms of the merger agreement, each share of Integrated Alarm will be exchanged for 0.29 shares of Protection One common stock.
The transaction, already approved by the boards of both companies, is expected to close in the second quarter of 2007, according to a company news release.
There will be approximately 25.3 million shares of Protection One common stock outstanding, of which Integrated Alarm shareholders will own about 28% and Protection One shareholders will own about 72%.
Protection One president and chef executive officer Richard Ginsburg will head the newly combined company, which will operate out of Lawrence, Kan., under the name Protection One, Inc.
Integrated Alarm is a security services and alarm company based in Albany, N.Y.
Protection One is a Lawrence, Kan., electronic security company.
| Acquirer: | Protection One, Inc.
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| Target: | Integrated Alarm Services Group, Inc.
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| Payment per share: | 0.29 shares of Protection One stock
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| Announcement date: | Dec. 20
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| Expected closing: | Second quarter of 2007
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| Stock price for acquirer: | OTC BB: PONN; $13.25 on Feb. 13
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| Stock price for target: | Nasdaq: IASG; $3.57 on Feb. 13
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