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ATC Approved to Merge into AVX
September 24, 2007 |Estimated reading time: Less than a minute
HUNTINGTON STATION, N.Y. American Technical Ceramics Corp. (ATC) shareholders approved the company's plan to become a wholly owned subsidiary of AVX Corporation (Myrtle Beach, S.C.). ATC will bring capacitor, thin-film, and other commercial and military components to AVX's components offering.
Under the merger plan, Admiral Byrd Acquisition Sub, Inc., will be merged into ATC, which will then become a subsidiary of AVX. Each outstanding ATC common-stock share will convert to the right to receive $24.75 cash. Each outstanding option will become the right to receive $24.75 cash, less applicable exercise price. The merger, which could be worth about $231 million, is expected to close by the end of September.
For details on the proposed merger, read Component Suppliers to Merge.
ATC employs 782 people under CEO Victor Insetta. The company gained about $84,000,000 in 2006 revenues. To learn more about the component manufacturer, visit www.atceramics.com.
For more information on parent company AVX, see www.avx.com.