SCM Microsystems Inc. and Bluehill ID AG announced that the transaction to combine their respective businesses has closed.
Under the terms of the business combination agreement, SCM made an offer to the Bluehill ID shareholders to acquire all of the Bluehill ID shares and issued 0.52 new shares of SCM’s common stock for every one share of Bluehill ID tendered. Approximately 92% of Bluehill ID shares outstanding were tendered in the offer and will be exchanged for a total of approximately 15,299,979 new shares of SCM common stock.
Following the closing of the transaction, approximately 38% of the outstanding shares of the new combined company are now held by former Bluehill ID shareholders. The issuance of shares of SCM common stock to the former shareholders of Bluehill ID was approved by the stockholders of SCM at a special meeting held on Dec. 18 and the transfer of the new shares is expected to be initiated by SCM on Jan. 7. ![[end]](/resources/bullet/secureidnews-4.gif)
