LoJack to buy Boomerang for $48 million

Newswire

NEW YORK, Aug 17 (Reuters) - LoJack Corp. said on Tuesday it will buy Canadian rival Boomerang Tracking Inc. for $48 million (C$64 million), giving the maker of technology to find stolen cars a foothold in the Canadian market. LoJack will pay $2.25 (C$2.95) a share for Boomerang, a 31 percent premium over its Monday closing price of C$2.25 on the Toronto Stock Exchange. ($1=Canadian $1.3046)

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