Wi-Lan (WILN +1%) is announcing a new strategy to change into a growth-oriented diversified holding company, and is kicking that off with a $47.4M acquisition of Internet-of-Things firm International Road Dynamics (OTC:IRDYF).
It will acquire all the IRD shares for C$4.25/share in cash (about $3.17), an equity value of C$63.5M, a 51% premium to IRD's close last Thursday.
Wi-Lan will change its name to Quarterhill around June 1.
In addition, Chairman Paul McCarten will become independent lead director; President/CEO James Skippen will move to executive chairman; Chief Financial Officer Shaun McEwan will become interim CEO; and VP of Finance Steve Thompson will become interim CFO. The company will seek a full-time CEO.
Shares of both companies were halted shortly before market close.
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