Federal Signal Corporation, a leader in environmental, safety and transportation solutions, today revealed that it has amended its definitive agreement with Sirit Inc., a global provider of radio frequency identification technology.

"Federal Signal increased its offer following Sirit's recent receipt of an unsolicited and non-binding acquisition proposal", the company posted in a statement.

Federal Signal Corp. claimed its offer plans to acquire Sirit Inc. to about $69 million, after the Canadian company received a rival offer.

Federal Signal posts to now buy Sirit for 43 Canadian cents a share, a 43 percent premium to its original offer price and the stock's closing price of 30 Canadian cents on Friday. However, the firm did not identify the new bidder.

The earlier voting and lock-up agreement with Federal Signal under which certain executive officers, directors and shareholders of Sirit owning nearly 28% of the outstanding common shares have approve to vote in favor of their shares in favor of the Arrangement remains in effect.

In addition, it is posted that the new agreement also alters the termination fee payable to Federal Signal by Sirit increasing it to C$2.5 million from C$1.5 million.