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Zoltek Companies Inc Announces Agreement And Plan Of Merger With TORAY INDUSTRIES INC

Thursday, 26 Sep 2013 08:29pm EDT 

Zoltek Companies Inc announced that it has entered into a merger agreement with TORAY INDUSTRIES INC. Under the terms of the agreement, Toray will acquire all of Zoltek Companies' outstanding shares for $16.75 per share in cash, for a total equity value of approximately $584 million. In connection with the execution of the merger agreement, Zsolt Rumy, Zoltek Companies' Chairman and Chief Executive Officer, entered into a voting agreement with Toray, in which Mr. Rumy agreed to vote his Company stock, representing approximately 18% of Zoltek Companies' outstanding shares, in favor of the merger. Following the closing of the transaction, Zoltek Companies will be a wholly owned subsidiary of Toray and operate as a separate business unit. The transaction is not subject to any financing condition and the parties are targeting a late 2013 or early 2014 closing. Zoltek Companies' Board of Directors unanimously approved the transaction. 

Company Quote

-2.0 -0.22%
12:20am EST