News
James B. Bell
- September 05, 2023
ABC Technologies Holdings has announced that it will be acquired by a conglomerate of entities, resulting in the automotive systems and components manufacturer becoming a private company.
Under a definitive arrangement agreement, AP IX Alpha Holdings (Lux) and Oaktree Capital Management funds OCM Luxembourg OPPS XI and OCM Luxembourg OPPS XB will acquire all the shares in ABC Technologies that they do not already own.
The acquisition offer amounts to 6.75 Canadian dollars per share, or $4.97, which represents a significant premium of 31.8% over the company's 12-month volume weighted average trading price as of September 1, the last trading day. Additionally, it offers a 12.5% premium to the closing price on Friday.
Currently, Alpha Holdings owns 75.2 million shares of ABC Technologies, while Oaktree Capital Management and its funds own 32.8 million shares. These holdings represent approximately 65.1% and 28.3%, respectively, of the outstanding ABC shares. In total, they hold 93.4% of the company's shares.
Upon completion of the transaction, ABC Technologies' stock will no longer be listed on the Toronto Stock Exchange.
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