UPDATE: BIO-Key tops L-1's bid for ComnetiX
Bidding war for the Canadian biometrics company heats up; BIO-Key offer $1.29 per share, a $.24 increase over L-1 offer; ComnetiX responds by cancelling a shareholders meeting set to vote on L-1’s offer; new meeting scheduled for 2 February
The battle for ComnetiX rages on. Last week we reported that L-1 Identity Solutions had raised its bid for the Canadian company known chiefly for its biometrics identification systems for law enforcement organizations to $1.05 per share — an increase, we noted, from the $.82 cents per share previously offered. The new bid came as a response to a competing bid by Wall, New Jersey-based BIO-Key International, and now we can report that BIO-Key has not given up. The company announced late last week that it would now bid $1.29 per share for the company (a 65% premium on the closing price for ComnetiX shares on December 20, 2006). As a result of the competing bids, ComnetiX cancelled a Friday shareholders meeting and rescheduled it for 2 February.
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