International.
Nortek Inc., a global company whose offerings include heating, cooling and ventilation products, has signed an agreement and merger plan with Melrose Industries PLC, a UK public company, to be acquired for $86 per share in cash – an estimated total enterprise value of approximately $2.8 billion.
The purchase price represents a premium of approximately 38% to Nortek's closing price on July 5, 2016, and a premium of approximately 80.4% to the volume-weighted average price over the previous six-month period.
Pursuant to the terms of the merger agreement, Nevada Corp., a newly created wholly-owned subsidiary of Melrose, will conduct a cash tender offer for 100% of Nortek's common stock and, subject to the successful completion of the offering,
Nevada Corp . it will merge with and into Nortek, resulting in Nortek becoming a wholly owned subsidiary of Melrose. The merger agreement was unanimously approved by Nortek and Melrose's board of directors.
