News Release from: Condor DC Power Supplies
Edited by the Electronicstalk Editorial Team on 9 January 2006
Acquisition expands power electronics group
SL Industries has signed a definitive agreement to acquire all of the outstanding shares of common stock of Ault.
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SL Industries has signed a definitive agreement to acquire all of the outstanding shares of common stock of Ault (approximately 4,861,000 shares) for $2.90 per share in cash. Under the terms of the definitive agreement, a wholly owned subsidiary of SL Industries will commence a cash tender offer to acquire all of Ault's outstanding shares of common stock. On completion of the tender offer, SL Industries will effect a merger between this subsidiary and Ault in which the remaining Ault shareholders will receive $2.90 per share in cash.
In addition, SL Industries will cash out Ault stock options with an exercise price of $2.90 or less and all other outstanding options will be cancelled.
The board of directors of Ault has unanimously approved the acquisition and has voted to recommend that Ault's shareholders accept the tender offer and tender their Ault shares.
Following the merger, Ault will become a wholly owned subsidiary of SL Industries.
The consummation of the transaction is subject to certain conditions, including the valid tender in the tender offer of at least a majority of the outstanding shares of common stock of Ault excluding shares held by SL Industries.
Commenting on the transaction, James Taylor, Chief Executive Officer of SL Industries, said: 'We are very excited about Ault becoming part of the SL Industries Power Electronics Group'.
'Ault's broad customer base, presence in the Asian market and complementary product lines have tremendous strategic potential'.
'The combination of the Condor and Ault product lines will create the premier power supply resource for the medical and other markets'.
Condor DC Power Supplies, also an SL Industries subsidiary, is the industry's leading manufacturer of power supply products for the medical equipment industry and had recently opened its European HQ in the UK.
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