International Aluminum to be acquired |
|
|
|
Published
:
Wed, 10 Jan 2007 16:01
|
MONTEREY PARK, Calif. (AFX) - International Aluminum Corp., which makes aluminum and vinyl window and door products, on Wednesday said it has agreed to be acquired by a private equity firm for about $228 million.San Francisco-based Genstar Capital LLC has offered to buy the aluminum company for $53 per share in cash -- a 6-percent premium to the stock's closing price of $49.99 Tuesday on the New York Stock Exchange. The offer also amounts to a 19-percent premium to the stock's average closing price over the past 60 days.International Aluminum said its board has approved the deal, which also requires approval by stockholders. Chairman Cornelius Vanderstar, who holds a 40-percent stake and is the company's largest shareholder, has agreed to vote his shares for the deal.Genstar is expected to finance the deal with a combination of equity and debt.The transaction is expected to be complete in the second quarter.Citigroup advised International Aluminum, a 50-year-old company that booked revenues of more than $280 million for the year ended June 30, 2006.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Genstar Capital to buy International Aluminum for 225 mln usd 