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Blount Internationals Approve Acquisition, Transaction To Close Next Week

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Blount International Inc (NYSE: BLT) announced on Friday its investors approved the company's acquisition by American Securities and P2 Capital Partners.

A vote was held during a Special Meeting of Stockholders on Thursday. The holders of more than 75 percent of its shares approved the acquisition which was announced on December 10.

The transaction is expected to close on or around April 12, 2016.

American Securities and P2 Capitals agreed to acquire the company for $10.00 per share, valuing the company at approximately $855 million. The deal represented an 86 percent premium to the closing price on December 9, the final trading day before the announcement of the proposed transaction.

"The proposed transaction will deliver immediate value to Blount's shareholders and we expect it will also provide us with additional flexibility to execute our strategic plan as we continue to navigate the macroeconomic challenges facing our industry," Josh Collins, Blount's Chairman and CEO said upon receipt of the offer. "American Securities and P2 Capital Partners each have excellent track records of investing in outstanding businesses for the long-term."

"Blount is a strong fit for our strategy of partnering with market-leading companies," Loren Easton, Managing Director at American Securities also said back in December. "We are excited about working with Blount's management team to expand the Company's position in its core FLAG and FRAG markets, and plan to leverage our expertise investing in the industrial manufacturing sector to accelerate Blount's long-term growth."

 

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Posted-In: American Securities Blount International Josh Collins Loren Easton P2 Capital PartnersM&A News

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