OAK BROOK, Ill. (AP) -- Federal Signal Corp. said Monday that it sweetened its offer for Sirit Inc. by 43 percent to 43 Canadian cents (41 cents) per share after Sirit received a competing bid.
Federal Signal now values the deal at 72 million Canadian dollars ($69 million.) The termination fee is now 2.5 million Canadian dollars ($2.4 million), up from 1.5 million Canadian dollars ($1.4 million.)
Federal Signal, which manufactures safety, signaling and communications equipment and fire rescue vehicles, last month offered 30 Canadian cents (29 cents) per share for Sirit, which makes radio frequency identification technology for toll plazas, vehicle locaters and other applications.
Sirit shareholders will vote on the offer at a special meeting on Friday. A group of Sirit executives, directors and shareholders owning about 28 percent of outstanding shares have already agreed to vote in favor of the deal.
Federal Signal did not disclose who made the unsolicited competing offer or for how much.
Shares of Federal Signal lost a penny in afternoon trading to hit $7.12.
