General Donlee agrees to $114M sale to U.S. firm
by the CANADIAN PRESS
Shareholders of The Toronto-based diversified manufacturer will vote on the deal in October
TORONTO—General Donlee Canada Inc. says it has agreed to sell all of its issued and outstanding common shares to American company Triumph Group, Inc.
General Donlee says its shareholders will receive $5.50 per common share in cash, representing a premium of 24 per cent to the 20-day volume weighted average price as of Aug. 14.
The transaction is worth approximately $114 million and General Donlee’s board is recommending that its shareholders vote in favour of the deal at a special meeting scheduled to be held in October.
Toronto-based General Donlee manufactures precision-machined products for commercial, military, and general aerospace clients as well as the nuclear, power generation and oil and gas markets.
Triumph, based in Berwyn, Pa., designs, manufactures, repairs and overhauls a broad array of aerostructures, aircraft components, accessories, subassemblies and systems.
“We believe this transaction represents an opportunity to crystallize substantial value for our shareholders,” said General Donlee president and CEO Garen Mikirditsian.
“The combination with Triumph is a strategic step that will provide the company with the scale and financial resources to best take advantage of the growth opportunities available to it.”
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