Fuel Cell Companies listed in Canada

[Ed Monton]

Global Thermoelectric being bought out.


Reuters
Quantum Fuel to buy Global Thermoelectric
Wednesday April 9, 8:21 am ET

CHICAGO, April 9 (Reuters) - Quantum Fuel Systems Technologies Worldwide Inc. (NasdaqNM:QTWW - News) said on Wednesday it would acquire Global Thermoelectric Inc. (Toronto:GLE.TO - News) in a stock swap valued at about $75 million.

Irvine, California-based Quantum, which makes systems for alternative-fuel vehicles and fuel cell applications, said it will purchase all the outstanding shares of Global Thermoelectric, a Calgary-based maker of power-generation products.

Under the agreement, Global shareholders would receive between 0.835 and 1.020 shares of Quantum stock for each share of Global common stock outstanding. The deal, expected to close in the third quarter, is subject to approval by shareholders of both companies.

The stock-swap ratio is to be determined by dividing the 20-day volume weighted average Quantum stock price ending three days before the Global shareholder meeting into $2.6284.

Quantum shares closed Tuesday at $2.32 on the Nasdaq stock market. Shares of Global Thermoelectric closed at C$2.45 on the Toronto Stock Exchange (News - Websites).