Key Developments: Zoltek Companies Inc (ZOLT.O)
9 Dec 2013
Latest Key Developments (Source: Significant Developments)
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. Full Article
Quinpario Partners LLC announced the formation of a group consisting of investors and director candidates with respect to Quinpario's investment in Zoltek Companies Inc. The Quinpario Group disclosed in a Schedule 13D filing with the Securities and Exchange Commission aggregate ownership of approximately 10.13% of Zoltek's outstanding shares, making the Quinpario Group the Company's largest unaffiliated common shareholder. Additional information regarding the Quinpario Group and its members is set forth in the Schedule 13D. Quinpario also announced it has delivered a letter to the Company's Chairman and CEO, Zsolt Rumy, with a copy to the Company's Board of Directors. Full Article
- Japan's Toray Industries Inc , maker of advanced fibers used in Boeing Co's 787 Dreamliner jet, will buy U.S.-based Zoltek Companies Inc in a move to tap into the lower end of the growing global market for carbon fibers.