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Hillenbrand To Buy Milacron In $2 Bln Deal

Hillenbrand Inc. (HI) said that it agreed to buy Milacron Holdings Corp. (MCRN) in a cash and stock transaction valued at about $2 billion, including net debt of about $686 million.

As per the terms of the agreement, Milacron stockholders will receive $11.80 in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they own.

In Friday pre-market trade, MCRN is trading at $16.77 up $3.24 or 23.95 percent.

Based on Hillenbrand's closing stock price on July 11, 2019, the implied cash and stock consideration to be received by Milacron stockholders is $18.07 per share, representing a premium of about 34% to Milacron's closing stock price on July 11, 2019.

Upon closing of the transaction, Hillenbrand shareholders will own about 84% of the combined company, and Milacron stockholders will own about 16%.

The transaction, which is expected to close in the first calendar quarter of 2020, is expected to deliver double-digit adjusted earnings per share accretion in the first year following close.

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