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ROFO: Shareholders of Rockford Corp. (ROFO) are entitled to receive $16.326 per share at closing and then a holdback amount 6 months later up to $0.331 per share in connection with the merger with Patrick Industries according to the merger agreement.
ROFO looks extremely undervalued. Released first quarter fins yesterday. EPS .34 for first quarter. Annualized that is 1.36 eps. Trading at $5.70. Last year same quarter did .14 eps. Good growth and good earnings. Trading at a p/e of about 4.5.
Rockford Corporation (Rockford) designs and distributes mobile audio products, primarily under the Rockford Fosgate, Lightning Audio, Renegade, and Rockford Acoustic Design brands. Rockford also distributes its products under the brands name Brax and Helix. The Company markets and distributes audio systems for the mobile audio aftermarket and original equipment manufacturer (OEM) market. Prior to 2009, Rockford also assembled certain of its products, but, as of December 31, 2010, the Company outsourced all of its production. Rockford sells its products to mobile audio dealers and distributors in North America, South America, Europe and Asia. The Company also sells certain portions of its product line to major mass retailers in the United States and Canada.