Edelbrock Corp., a Torrance, CA, designer/manufacturer/distributor of “performance replacement parts” for the automotive and motorcycle aftermarkets, has a takeover offer – from its chairman.
Chairman, president, and CEO O. Victor Edelbrock delivered a proposal to teh directors of the company concerning his acquisition all outstanding shares of common stock not already owned by him or his affiliates, at $14.80/share. Edelbrock already controls about 51.2% f the issued common stock.
Edelbrock Corp. operates three production facilities and an aluminum foundry, as well as an automated distribution center.
The company board formed a committee of independent directors to review the proposal.
The proposed transaction would result in Mr. Edelbrock and/or his affiliates controlling the company, so that stock would no longer be publicly traded. The transaction is subject to a number of conditions: sufficient financing for the stock purchase; approval by the directors’ committee, the board, and stockholders; and any conditions set out in a takeover agreement.