Genstar Capital to buy International Aluminum for 225 mln usd |
|
|
|
Published
:
Wed, 10 Jan 2007 14:58
|
LONDON (AFX) - International Aluminum Corp said it has agreed to be acquired by an affiliate of Genstar Capital LLC for 53 usd per share in cash, or 228 mln usd.The aluminum and vinyl products manufacturer said Genstar's offer represents a premium of 6 pct over International Aluminum's closing price on Jan 9, the last trading day before disclosure of the merger, and a 19.4 pct premium over the average closing price during the 60 trading days to Jan 9.The board of directors of International Aluminum has unanimously approved the merger agreement, and will also recommend approval by International Aluminum's shareholders.In addition, International Aluminum chairman and largest shareholder Cornelius Vanderstar has agreed to vote his shares in favour of the acquisition by Genstar.Vanderstarowns holds 40 pct of the outstanding stock of International Aluminum.Completion of the deal is expected during the second quarter, following which International Aluminum's stock will be de-listed from the New York Stock Exchange.newsdesk@afxnews.comcmlCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1571.59 |
-45.42 (
-2.81 %)
|
| SYMBOL (
2009-01-09 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
1519.00 |
+12.00 (
0.79 %)
|
| SYMBOL (
2009-01-09 )
|
| LAST |
CHANGE
|
| SYMBOL (
2009-01-09 )
|
| LAST |
CHANGE
|
|
|
Print this Story
LSE allows listing for Indians firms following Indian accounting standards 