Acquisition of Thomas Industries Receives Regulatory Approval
Thomas Industries Inc. reported that its previously announced agreement to be acquired by Gardner Denver, Inc. has received all required regulatory approvals. The transaction is scheduled ...
...to close on July 1, 2005, subject to approval of Thomas Industries' shareholders and the satisfaction of other customary closing conditions. Upon closing, Thomas will become a subsidiary of Gardner Denver and will no longer be a publicly traded company.
As of March 31, 2005, Thomas had $262.8 million in cash, cash equivalents and short-term investments. The net transaction value, including the purchase price of $40.00 per share for all outstanding shares and share equivalents (approximately $734.2 million), the assumption of $8.6 million of current and long-term capitalized lease obligations and net of cash, is approximately $480 million.
Thomas Industries' shareholders will be asked to vote upon the proposed transaction at a Special Meeting of Shareholders, which will be held on July 1, 2005. A proxy statement will be mailed to shareholders of record as of May 27, 2005.
Thomas Industries Inc., headquartered in Louisville, Kentucky, designs, manufactures and markets Rietschle Thomas brand pumps and compressors for use in global OEM applications, supported by world-wide sales and service for key customer applications and end-user markets. High quality automotive component castings are also a key offering. Other products include Welch laboratory equipment and Oberdorfer bronze and high alloy liquid pumps. Thomas has wholly-owned operations in 21 countries, spanning five continents.
Source: Thomas Industries, Inc.