Quad-C Management acquires CFC International
that aims to capitalise on the worldwide demand for CFC
International products that include hot stamp foils and heat
transferable labels for intravenous solution bags, blood bags,
tubing and syringes.
The all-cash transaction, valued at approximately $75.6 million (€62 billion), will require the buyer to acquire all of the outstanding common stock of CFC for $16.75 in cash per share as outlined under the terms of the Merger Agreement dated January 9, 2006.
The share price represents an approximate 18 per cent premium to the average trading price of CFC's stock over the last week.
Roger Hruby, CFC's chairman and majority shareholder, gave his full support providing written consent approving the merger. He is expected to vote his shares for the purchase, and no further shareholder action is required.
Lincoln Partners LLC advised CFC on the transaction, which is expected to close in the first quarter.
Hruby said: "We believe that the proposed transaction is in the best interests of our employees and our customers and "provides an attractive liquidity for our shareholders."
The closing of the merger is subject to the satisfaction of various conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Act, the filing of the information statement with the Securities and Exchange Commission and the distribution of the information statement to CFC's stockholders,
