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SKF INC to Acquire Kaydon Corp

Thursday, 5 Sep 2013 03:00am EDT 

SKF INC announced that it has agreed to acquire Kaydon Corp in an all-cash transaction valued at approximately USD 1.25 billion, including USD 95 million of net debt. The transaction will be paid through existing cash and credit lines and will be accretive to SKF earnings in year one. SKF will launch an all-cash tender offer for all outstanding shares of Kaydon. Under the terms of the definitive agreement, which has been unanimously approved by both companies' Boards of Directors, SKF will commence a tender offer to purchase all of Kaydon's outstanding shares for USD 35.50 per share in cash. The tender offer will commence on September 16, 2013 and is subject to customary terms and conditions, regulatory clearances, including the tender of at least a majority of the outstanding shares of Kaydon common stock. Upon completion of the tender offer, SKF will acquire all remaining shares through a short form merger. The transaction represents a 22% premium to Kaydon's closing stock price on September 4, 2013, a 21% premium to the 30-day volume weighted average price and a multiple of 12.7 times Kaydon's LTM Adjusted EBITDA (USD 98 million as of June 29, 2013). The transaction is expected to close sometime in the fourth quarter of 2013. 

Company Quote

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2:51pm EST