Ross Video Makes Bid to Acquire Australia’s Codan Broadcast Products
Ross Video has entered into a letter of intent to buy 100% of the shares of Codan Ltd.’s wholly-owned Melbourne-based subsidiary, Codan Broadcast Products. The sale, subject only to the finalization of due diligence, is scheduled for completion on Aug. 31, 2010.
Ross plans to continue operations from Codan Broadcast’s current premises in Melbourne with the name of the business and product branding changing to Ross Video. Codan Broadcast products will become part of the Ross product portfolio.
“We are excited about the addition of Codan Broadcast,” says David Ross, CEO Ross Video. “And have long admired the superior design and engineering of their products. We are delighted that they will become part of Ross and that customers globally will benefit from the dramatically expanded market access that Ross brings to the table.”
Key new products that Ross will acquire include a flagship line of routing systems that will complement and enhance Ross’ existing product portfolio. Ross also sees Codan Broadcast as an outlet to offer greater access to and support for Australian customers.
“We believe that this transition is great for Codan Broadcast customers,” says Mike Heard, CEO Codan Broadcast. “Ross has a great reputation for customer service and support as well as a long track record of continuing to invest in product development and product enhancements.”