takeover

Sale of the South Bay Expressway tollroad (CA125) to the San Diego Association of Governments (SANDAG) went to financial close at the multi-city/county agency offices December 21 and SANDAG officially became the owner and operator of the facility today (Dec 22). Purchase price was $341.5m and SANDAG bought from the financial institutions left with its residual value after a bankruptcy last year.

Neology, the San Diego based supplier of ISO18000 6C sticker tag systems for tolling and vehicle registration has been taken over by Holland-based SMARTRAC in $30m deal that leaves 15% of the shares with its majority owner Tenedora SA of Mexico.

Telvent known for several years now in the toll business in North America for its toll systems and services work is being bought by Schneider Electric. Both Telvent and Schneider are global companies in both business and ownership, Telvent headofficed in Madrid and Schneider, despite its very germanic name, in Paris. Schneider offered $40/share about a third above the level the shares were trading at on NASDAQ.

Electronic Transaction Consultants Corp (ETC) the Dallas TX based toll systems and services provider is being considered for purchase by Xerox/ACS and by Kapsch, according to several toll industry sources. None of those involved want to be quoted.

The Orlando and Tampa tollers see themselves as in a fight for their survival in the state legislature against a hostile takeover move by Florida's Turnpike Enterprise (FTE). A bill moving successfully through the state Senate (SB7198) threatens to kill the long established regional toll authorities in Orlando and Tampa.

PBSJ one of the largest engineering firms working for US tollers is being acquired by London-based Atkins for $280m. Employee-owned PBSJ has been seeking a takeover for some months. Four top executives including CEO Robert Paulsen reached severance agreements with the PBSJ board June 2 in anticipation of a takeover. The firm has been wracked by an embezzlement scandal and criminal investigations of its international subsidiary, as well as the fragile US economy.

Reports are that Ontario Teachers Pension Plan (OTPP) fund is selling its 12% of Transurban stock after an unsuccessful takeover move by it and another Canadian pension fund. This seems to mark the end of a six month series of maneuvers by OTPP and Canada Pension Plan Investment Board (CPPIB), another big institutional shareholder in Transurban to buy up all the publicly traded stock and take the Australian-based toiler private.

Federal Signal have found yet more value in Sirit upping their offer a second time this week - this time to 46c/share 3c or 7% more in an apparent bidding war with a mystery rival for control of the Toronto based electronic toller.

Shareholders of Xerox and ACS both gave their approval today to the copier company's buy of ACS, the leading customer service provider  for electronic tolling in the US. The vote was 96% in favor among Xerox stockholders and 86% among the owners of ACS.

Sirit, the leading electronic toll supplier to California is being acquired by Federal Signal. The Toronto Canada based company says it has signed a "definitive agreement to be acquired" by Federal Signal in a $48m (C$49.5m) deal.