Richardson, TX - Closely held Duchossois Industries has struck a deal to buy AMX Corp. for about $315 million in cash. AMX said Duchossois, a maker of automated door openers, offered $22.50 a share. The companies expect the deal to close in the second quarter, subject to customary conditions.
A group of shareholders, including AMX management and directors and representing 17.7 percent of the outstanding shares, agreed to tender their shares in support of the transaction. Management and employees will remain in place after the Duchossois acquisition, maintaining the Richardson headquarters, AMX said. Duchossois, which also has defense and industrial operations, said it would further develop the AMX franchise and brand through research and acquisitions.
AMX generated $79.3 million in revenue for the first nine months of 2004.
