UPDATE: Flanders Corporation Agrees to be Acquired by Insight Equity for $4.40/Share
Flanders Corporation (OTC: FLDR) today announced that it has entered into a definitive agreement to be acquired by an affiliate of Insight Equity Holdings LLC (Insight Equity), a middle-market private equity firm, in a transaction valued at approximately $192 million excluding fees and expenses.
Under the terms of the agreement, upon consummation of the transaction Flanders' shareholders will receive $4.40 per share in cash for each share of Flanders' common stock, representing a premium of 39 percent over the average closing share price of $3.17 during the last 30 days ending March 16, 2012 and a 42 percent premium over Flanders' average closing share price of $3.10 during the last 90 days ending March 16, 2012.
Flanders' board of directors unanimously approved the transaction and will recommend that Flanders' shareholders adopt the agreement. In addition, certain Flanders' shareholders, including some members of senior management have executed agreements to vote their shares in favor of the transaction.
Harry Smith, CEO and chairman of the board of directors of Flanders, said, "I am very pleased with the accomplishments that our leadership team and employees have made over the last several years creating a strong market presence with leading brands and unwavering customer commitment. This transaction allows all of our shareholders to realize the value created."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.