SLI to Acquire AULT for $2.90/Sh
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Ault Incorporated (Nasdaq: AULT) signed a definitive merger agreement with SL Industries, Inc. (AMEX: SLI). Under the terms of the agreement, a wholly owned subsidiary of SL Industries will commence a cash tender offer to acquire all of Ault's outstanding shares of common stock. Upon completion of the tender offer, SL Industries will effect a merger between this subsidiary and Ault in which the remaining Ault shareholders will receive $2.90 per share in cash. In addition, SL Industries will cash out Ault stock options with an exercise price of less than $2.90 per share and all other outstanding options will be canceled. Following the merger, Ault will become a wholly owned subsidiary of SL Industries.
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