Memry Corp. (MRY) to be Acquired by SAES Getters for $2.51/Share
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Memry Corporation (AMEX: MRY) and SAES Getters S.p.A., Italian Group, today announced that they have agreed on a merger plan, which has been unanimously approved by the boards of directors of both companies.
Under the terms of the agreement, the deal is valued at approximately $77.7 million. SAES Getters will acquire 100% of the equity of Memry Corporation. All Memry shareholders will be entitled to receive $2.51 in cash per share for each share of common stock. The price per share represents a premium of approximately 73% based on Memry's closing price as of June 23, 2008.
The acquisition will be effected through a newly-formed Delaware company (wholly-owned subsidiary of SAES Getters International Luxembourg S.A.), which will be merged with and into Memry Corporation.
The deal is expected to close in September 2008.
Memry Corporation provides design, engineering, development, and manufacturing services primarily to the medical device industry using proprietary shape memory alloy and specialty polymer-extrusion technologies.
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