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L1 Identity gets bids from potential buyers

Thu, 08/19/2010 - 7:05am
The Associated Press

L-1 Identity Solutions Inc., which makes identification cards and credentials, said Thursday it has received bids from several interested buyers.

L-1 didn't name the potential buyers, but said it had collected offers from both foreign and domestic investors.

The Stamford, Conn., company said it's reviewing the proposals and expects to make an announcement about its prospects within the next few weeks.

If a sale agreement isn't reached before the end of the month, the company said it expects to amend its credit agreement so it stays in compliance with the terms of its debt.

The company has been exploring strategic alternatives and looking for a potential suitor since February.

L-1 said at the time that the company would not be sold in pieces because it thinks "the company as a whole provides a much greater value proposition than its individual parts.

Shares rose 14 cents to $9.27 in morning trading.

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