UPDATE: Curtiss-Wright (CW) to Acquire Williams Controls (WMCO) for $15.42/Share
Tweet Send to a FriendGet Alerts CW Hot Sheet
Price: $36.49 +0.03%
Overall Analyst Rating:
BUY (
Up)
Dividend Yield: 1.1%
Revenue Growth %: +18.2%
Overall Analyst Rating:
BUY (
Up)Dividend Yield: 1.1%
Revenue Growth %: +18.2%
Trade CW Now!
(Updated - November 1, 2012 9:47 AM EDT)
Curtiss-Wright Corporation (NYSE: CW) and Williams Controls (NYSE: WMCO) jointly announced today that they have entered into a definitive agreement that provides for the merger of Williams Controls with a wholly-owned subsidiary of Curtiss-Wright. Williams Controls is a leading designer and manufacturer of highly-engineered electronic sensors and electronic throttle controls for off-road equipment, heavy trucks, and military vehicles. The acquired business will operate within Curtiss-Wright's Motion Control segment.
Curtiss-Wright will acquire Williams Controls in a cash tender offer for $15.42 per share, representing a total purchase price of approximately $119 million. The closing price of Williams Controls' common stock on October 31, 2012 was $10.91 per share. Williams Controls' Board of Directors unanimously approved the transaction on Wednesday, October 31, 2012.
Shares held by directors and named executive officers of the Company and certain funds affiliated with Dolphin Direct Equity Partners, L.P. which collectively hold shares of Williams Controls' common stock equal to approximately 26% of the outstanding shares of Williams Controls have entered into tender and support agreements with Curtiss-Wright pursuant to which they have agreed to support the transaction and tender their shares in the offer.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Curtiss-Wright Corporation (NYSE: CW) and Williams Controls (NYSE: WMCO) jointly announced today that they have entered into a definitive agreement that provides for the merger of Williams Controls with a wholly-owned subsidiary of Curtiss-Wright. Williams Controls is a leading designer and manufacturer of highly-engineered electronic sensors and electronic throttle controls for off-road equipment, heavy trucks, and military vehicles. The acquired business will operate within Curtiss-Wright's Motion Control segment.
Curtiss-Wright will acquire Williams Controls in a cash tender offer for $15.42 per share, representing a total purchase price of approximately $119 million. The closing price of Williams Controls' common stock on October 31, 2012 was $10.91 per share. Williams Controls' Board of Directors unanimously approved the transaction on Wednesday, October 31, 2012.
Shares held by directors and named executive officers of the Company and certain funds affiliated with Dolphin Direct Equity Partners, L.P. which collectively hold shares of Williams Controls' common stock equal to approximately 26% of the outstanding shares of Williams Controls have entered into tender and support agreements with Curtiss-Wright pursuant to which they have agreed to support the transaction and tender their shares in the offer.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Dish Network (DISH) CEO Offers $2 Billion for Lightsquared Spectrum - Bloomberg
- SoundBite (SDBT) Acquired by Genesy for $5/Share
- UPDATE: Lazard Capital Downgrades Warner Chilcott (WCRX), Says Deal Could Fall Through
Create E-mail Alert Related Categories
Mergers and Acquisitions
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
