Ametek, Inc. (AME) and Mocon, Inc. (MOCO) said they have entered into a definitive merger agreement under which Amtek will acquire all of the outstanding shares of common stock of Mocon for $30 per share in cash. The offer price represents a 39 percent premium to Mocon's closing share price on April 13, 2017.
The aggregate enterprise value of the transaction is approximately $182 million, taking into account Mocon's outstanding equity awards and net cash to be acquired in the transaction.
The transaction, unanimously approved by Mocon's board of directors, is expected to be completed in the late second quarter or third quarter of calendar year 2017.
Founded in 1963 and headquartered in Minneapolis, Minnesota, Mocon is a provider of laboratory and field gas analysis instrumentation to research laboratories, production facilities and quality control departments in food and beverage, pharmaceutical, and industrial applications. For the calendar year ending December 31, 2016, Mocon had sales of approximately $63 million.
by RTT Staff Writer
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