— Furniture Today,
CHICAGO HEIGHTS, Ill. — Specialty coatings supplier CFC International said it has agreed to be acquired by an affiliate of Illinois Tool Works for $16.75 per share, a 48% premium over the closing price of CFC stock on Monday.

Based on CFC’s shares outstanding, the deal has an equity value of about $77 million. According to an Illinois Tool Works spokesman, the transaction has a total value of about $90 million.

CFC said its board has approved the deal, which is expected to close in the third quarter. Holders of 58% of the company’s stock have given their written consent for the merger, meaning no further stockholder action is needed for approval, the company said.

This is the second time in a year that CFC has announced a sale agreement. An earlier deal valued at $75 million was ended after a financial backer of private equity firm Quad C Management, which was to buy CFC’s stock, backed out.

CFC Chairman Roger Hruby said the sale to Illinois Tool Works is in the best interests of the company, its employees and its customers.

“ITW is one of the most respected manufacturing companies in the United States, and CFC has a long history of providing innovative solutions for its customers. We are excited about the possibilities that ITW offers the business and its employees,” he said.