Taylor Devices (TAYD) Higher on Proposed Merger With Affiliated Company Tayco Developments

December 10, 2007 3:01 PM EST

Taylor Devices, Inc. (Nasdq: TAYD) is higher today related to a proposed plan of merger with affiliated company, Tayco Developments (OTC: TYCO). The companies disclosed the merger in a Joint Proxy Statement, filed Friday.

The merger agreement provides for the merger of Tayco into Taylor, with Taylor as the surviving corporation. The merger will allow the complementary operations of both companies - Tayco's patents and other intellectual property and the development and manufacture of Taylor's products - to be fully integrated. The companies expect the merger to result in significant synergies and reduced administrative expenses, especially expenses associated with maintaining each as a separate company which should benefit the shareholders of both companies.

Tayco shareholders will receive one share of Taylor common stock, referred to in this joint proxy statement/prospectus as the exchange ratio, in exchange for each Tayco share that they own.

Shares of Taylor Devices are up 15% today.

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