By Adriano Marchese
ABC Technologies Holdings has agreed to be acquired by a conglomerate of entities that will take the automotive systems and components manufacturers private.
ABC Technologies said Tuesday that it has entered into a definitive arrangement agreement with AP IX Alpha Holdings (Lux), and Oaktree Capital Management funds OCM Luxembourg OPPS XI and OCM Luxembourg OPPS XB, for them to acquire all the shares in the company they currently don’t own.
The offer is for 6.75 Canadian dollars a share, or $4.97, which is a 31.8% premium to the company’s 12-month volume weighted average trading price as of Sept. 1, the last trading day, and a 12.5% premium to its closing price on Friday.
As of Friday, Alpha Holdings owned 75.2 million ABC shares and Oaktree Capital Management, through its funds owned 32.8 million shares, representing about 65.1% and 28.3%, respectively, of the outstanding ABC Shares. In total, they own 93.4% of the ABC shares.
Upon closing the transaction, the stock would cease to be listed on the Toronto Stock Exchange.
Write to Adriano Marchese at [email protected]
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