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Toray to acquire Zoltek for US$584 million

2013-10-8 10:54:01

Zoltek of St Louis, Missouri, USA, has announced that it has entered into a merger agreement with Tokyo, Japan-based Toray Industries. Under the terms of the agreement, Toray will acquire all of the Zoltek's outstanding shares for US$16.75 each in cash, for a total equity value of approximately US$584 million.

In connection with the execution of the merger agreement, Zsolt Rumy, the Zoltek's Chairman and Chief Executive Officer (CEO), entered into a voting agreement with Toray, in which Rumy agreed to vote his company stock, representing approximately 18% of the outstanding shares, in favour of the merger.

Following the closing of the transaction, the Company will be a wholly owned subsidiary of Toray and will operate as a separate business unit. The transaction is not subject to any financing conditions and the parties are targeting late 2013 or early 2014 for closing, subject to customary conditions such as the approval of Zoltek's shareholders and the regulatory authorities.

Zoltek’s Board of Directors unanimously approved the transaction.

Rumy commented: "This transaction represents a great result for our shareholders, customers and employees. Toray provides unique opportunities to drive the continued growth of our commercial carbon fibres business well into the future."

Zsolt Rumy, Chairman and Chief Executive Officer (CEO), Zoltek Inc, 3101 McKelvey Road, St Louis, MO 63044, USA.


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