Juno, which designs and manufactures architectural-grade lighting products, generated revenues of $242 million with a 21% operating margin for the financial year ended November 30, 2004. The company has achieved, on average over the last 10 years, sales growth of 7% with an operating margin of 20%.
Under the terms of the merger agreement, each outstanding share of Juno’s common stock will be converted into the right to receive $44.00 in cash.
The board of directors of Juno has unanimously approved the merger agreement. The transaction is subject to approval by Juno’s stockholders and other customary conditions, including regulatory approvals. The transaction is expected to be completed in Juno’s last fiscal quarter of 2005.