American Science and Engineering Inc., the Massachusetts maker of X-ray detection machines, announced it was acquired for $269 million Tuesday morning by OSI Systems Inc., which also makes electronic security systems for airports and other homeland security settings.
OSI agreed to buy American Science for $37 a share, a premium of about 14 percent on Monday’s closing price. American Science makes X-ray screeners for use in airports and in ports and border crossings to combat drug smuggling and illegal immigration.
OSI chief executive Deepak Chopra said the addition of American Science’s “expanded security scanning business unit,” its X-ray technology, fits the company’s expansion plans and will enable the combined company to attract more clients.
American Science’s current operations in Billerica are expected to remain as part of the deal.
American Science’s stock closed up about 14 percent Tuesday to $36.88 on the news. OSI, based in Hawthorne, Calif., rose 9.11 percent to $57.48.Michael Bodley can be reached at firstname.lastname@example.org. Follow him on Twitter @michael_bodley.