Koch Industries to Buy Molex for $7.2 Billion
Source: NYT
Koch Industries, the giant privately held conglomerate, agreed on Monday to buy Molex, a maker of electronic connectors, for $7.2 billion in one of the biggest-ever acquisitions by the company.
Under the terms of the deal, Koch will pay $38.50 a share. That’s a 31 percent premium to the Friday closing price for Molex’s common stock and a 56 percent premium to its Class A shares.
Members of Molex’s founding Krehbiel family and the management team, representing about 32 percent of the company’s common stock and 94 percent of its Class B shares, agreed to vote their holdings in favor of the deal.
“After 75 years, this was a difficult decision, but our board of directors and our family believe that this transaction, which follows a diligent and thorough review process by the board, provides outstanding benefits for all our stakeholders,” Fred Krehbiel, Molex’s chairman, said in a statement. “The transaction is expected to provide substantial opportunities for our worldwide employees, many of whom have spent much of their working lives at Molex and are responsible for the company’s long-term success.”
Read more: http://dealbook.nytimes.com/2013/09/09/koch-industries-to-buy-molex-for-7-2-billion/
Oh no, Koch has even crossed over to ELECTRICAL ENGINEERING? Which part of human knowledge - climate science, economics (Kochs have subsidized Ayn Rand classes in colleges), the arts (see the David H. Koch Theatre in NYC), now engineering hasn't been polluted by the Kochs?
= new reply since forum marked as read
