Pacific Safety Products Inc. announced today that it has received an offer from Revision Eyewear Inc. to purchase all the issued and outstanding shares of PSP at a price of Cdn $0.18 per share in an all-cash transaction. The purchase price represents a premium of 50% over the weighted average trading price of PSP’s common shares on the TSX-V for the 30 trading days prior to March 4, 2010. The sale still requires the approval of PSP’s shareholders.
Revision is a private company with corporate headquarters in Montreal and operational headquarters in Essex Junction, Vermont, USA which develops and delivers purpose-built eye protection solutions for military and tactical clients worldwide.
What makes this so significant is that PSP is an armor manufacturer and this move signals Revision’s desire to move into new areas of the personal protection market.