pennystocksupdate.biz is devoted to fetch you the most exclusive stocks in the market today. Apart from scanning the markets for the most underrated stocks. We propel those victors directly to your email inbox first ahead of the rest of the marketplace gets a prospect.
New York, NY -- (SBWIRE) -- 09/09/2013 -- Molex Incorporated (NASDAQ:MOLX), a global electronic components company, today announced that it has entered into a definitive agreement to be acquired by Koch Industries, Inc., one of the world's largest and most successful private companies. Under the terms of the agreement, Koch Industries will acquire all of Molex's outstanding shares, including the Common Stock, the Class A Common Stock and the Class B Common Stock, for $38.50 per share in cash, for a total equity value of approximately $7.2 billion. Based on the closing stock prices on September 6, 2013, the purchase price represents a 42% premium to the equity value of Molex's publicly-traded stock, specifically a 31% premium to the Common Stock and a 56% premium to the Class A Common Stock.
The agreement has been approved by both the Molex and the Koch Industries boards of directors. Certain members of the Krehbiel Family and certain executive officers of Molex, owning in the aggregate voting stock representing approximately 32% of the Common Stock and 94% of the Class B Common Stock, have entered into voting agreements with Koch by which they have agreed to vote their stock in support of the transaction.
At the close of the transaction, Molex will become a standalone subsidiary of Koch Industries and will continue to be operated by the company's current management team. Molex, with a 75-year history of industry-leading product innovation, will retain the company name following the transaction as well as its headquarters in Lisle, Illinois.
Molex Inc , a maker of which makes electronic, electrical and fiber optic interconnection systems, said privately owned Koch Industries will buy it for about $7.2 billion.
Fred Krehbiel, co-chairman of the Molex board said that after 75 years this was a difficult decision, but their board of directors and their family believe that this transaction, which follows a diligent and thorough review process by the board, provides outstanding benefits for all their stakeholders. Importantly, their shareholders will receive a significant premium and compelling value for their holdings. The transaction is expected to provide substantial opportunities for their worldwide employees, many of them have spent much of their working lives at Molex and are responsible for the company's long term success.
Molex has based its forward-looking statements, including statements made regarding the proposed transaction, the expected timetable for completing the proposed transaction and other statements, on its management's beliefs and assumptions based on information available to management at the time the statements are made. Molex cautions you that actual outcomes and results may differ materially from what is expressed, implied, or forecast by the forward-looking statements. Except as required under the federal securities laws, Molex does not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
Get Latest Trend Analysis on To Know More About MOLX Here
Neither pennystocksupdate.biz nor its owners, operators, affiliates or anyone disseminating information on its behalf is registered as an Investment Advisor or broker dealer in any jurisdiction whatsoever and none of the information provided by pennystocksupdate.biz, owners, operators, affiliates or anyone disseminating information on its behalf should be construed as investment advice or an investment recommendation. pennystocksupdate.biz makes no recommendation that the securities of the companies profiled should be purchased, sold or held by individuals or entities that learn of the profiled companies through pennystocksupdate.biz. Investing in securities is speculative and carries a high degree of risk and no investment should be made unless you can afford to lose your entire investment. It is possible that an investor's entire investment may be lost or impaired due to the speculative nature of the companies profiled. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein.
Copyright © 2005-2013 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-593-5640 (International)