Hexagon Metrology has emerged as the winner in the competition to acquire Leica Geosystems.

The Swedish company recently announced that it has acquired 71.3 percent of Leica Geosystems’ outstanding shares, easily surpassing the minimum requirement of 50.1 percent. An additional acceptance period for remaining shareholders to participate will end on Oct. 12. Hexagon AG made its initial offer for the Swiss company in June, offering 440 Swiss francs for each share. Leica’s board of directors rejected the deal, saying that the offer undervalued the company. Soon after, Danaher Corp., a U.S.-based manufacturer of professional instrumentation, industrial technologies, and tools and components, offered 500 Swiss francs in cash per share—about $386—to shareholders. Leica’s board of directors endorsed the deal on the basis that Danaher pledged to protect Leica’s independence and employees. Soon after, Hexagon upped its offer to 440 Swiss francs per share, plus five shares of Hexagon’s series B stock, which represents 573 Swiss francs per share.

Leica had no comment on the acquisition. For more information, visit www.leica-geosystems.com or www.hexagon.se.