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Kaman to be taken private by Arcline in $1.8bn deal
(Sharecast News) - Aerospace parts manufacturer Kaman said on Friday that it has agreed to be taken private by Arcline Investment Management in a $1.8bn deal. Under the terms of the agreement, Kaman shareholders will receive $46 per share in cash, which is premium of around 105% to the closing price on Thursday.
Kaman chairman, president and chief executive Ian K. Walsh, said: "Following robust engagement with Arcline and careful evaluation of other potential value creation opportunities, we are pleased to have reached this agreement.
"Given the rigorous review of alternatives we recently completed, we are confident this transaction maximises value for shareholders and is in the best interest of Kaman as well as our employees, customers and other stakeholders."
The deal is expected to close in the first half of the year.
At 1450 GMT, Kaman shares were up 101% at $45.11.
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