Scope Inc., a Reston-based electronics company that specializes in the application of computer and signal-processing technology for industry and defense, recommended yesterday that its stockholders reject a recently announced tender offer from Lexicon Corp., calling it inadequate and "unfair."
Lexicon, a Fort Lauderdale, Fla.-based company, offered $5 a share for 415,000 shares of Scope. Together with its present holdings of 27 percent of Scope, or 323,165 shares, the additional shares would give Lexicon a 51 percent stake in Scope. Lexicon has said that it eventually hopes to take over Scope.
After completion of the tender offer, Lexicon "would like to have the companies merge," said Lexicon Executive Vice President Timothy J. Crow.
Lexicon develops, makes and markets microcomputer data communications products. It also provides contract design and manufacturing services to industry and government agencies, including the Defense Department.
The rapidly growing Florida company reported net income of $385,000 on sales of $3.7 million for its fiscal year ended last Aug. 31. For the six months ended Feb. 28, it reported profits of $229,000 on sales of $3.3 million.
Scope enlarged its board of directors last week to 10 members to study the Lexicon tender offer proposal and any other offers. The new directors, Tony R. Gallardo and Carl N. Kelly, are both employed by Scope.