— Furniture Today,
\nCHICAGO HEIGHTS, Ill. \u00e2\u20ac\u201d 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.
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\nBased on CFC\u00e2\u20ac\u2122s 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.
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\n CFC said its board has approved the deal, which is expected to close in the third quarter. Holders of 58% of the company\u00e2\u20ac\u2122s stock have given their written consent for the merger, meaning no further stockholder action is needed for approval, the company said.<\/p>\n
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\u00e2\u20ac\u2122s stock, backed out.<\/p>\n
CFC Chairman Roger Hruby said the sale to Illinois Tool Works is in the best interests of the company, its employees and its customers.<\/p>\n
\u00e2\u20ac\u0153ITW 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,\u00e2\u20ac\u009d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Furniture Today, CHICAGO HEIGHTS, Ill. \u00e2\u20ac\u201d 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\u00e2\u20ac\u2122s shares outstanding, the deal has an equity value of about […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-991","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=991"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/991\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}