Crane to acquire Merrimac Industries for approximately $52M
Dec 23, 2009 4:46:00 PM
Crane (CR) and Merrimac Industries (MRM) announced that they have signed a definitive agreement for the acquisition of Merrimac by Crane.?Crane will pay $16.00 cash per share of common stock of Merrimac and associated common stock purchase rights.?Under the terms of the agreement, Crane will commence a tender offer to acquire all of the outstanding shares of common stock of Merrimac, and this transaction, which is subject to the satisfaction of customary conditions, is expected to close in the first quarter of 2010.?This transaction is valued at approximately $52M and represents a 40% premium to Merrimac shareholders based on the closing value of its common stock on December 22, and a premium of 70% based on Merrimac's most recent 20-day average closing price. The agreement has been approved by the boards of directors of both companies.
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