WATERLOO, Ont.—Clean air technologies firm TurboSonic has agreed to be bought by global solutions provider MEGTEC.
According to the Waterloo, Ont.-based firm, its shareholders will receive $0.21 cash for each share, a premium of 110 per cent over the company’s Oct. 9 closing price of $0.10 per share.
Under the terms of the merger agreement, TurboSonic is permitted to solicit alternative acquisition proposals from third parties through Oct. 24.
TurboSonic can also respond to unsolicited alternative acquisition proposals.
The proposed transaction is expected to close late in the fourth quarter of calendar 2012 or early in the first quarter of calendar 2013, and is subject to closing conditions.
Following completion of the transaction, the company says MEGTEC would be the sole stockholder of TurboSonic.