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Component Suppliers to Merge
June 18, 2007 |Estimated reading time: Less than a minute
MYRTLE BEACH, S.C. and HUNTINGTON STATION, N.Y. AVX Corporation, under a definitive merger agreement, will acquire all outstanding equity interests of component manufacturer American Technical Ceramics Corp. (ATC). The stock-based transaction will equal approximately $231 million. ATC supplies capacitors, thin-film circuits, and other high-performance components to commercial and military markets primarily.
Under the agreement, each ATC outstanding share will convert into the right to receive $24.75 in interest-free cash, totaling about $231 million. The merger is subject to shareholder approvals and other customary conditions. Post-merge, ATC will become a subsidiary of AVX, according to company representatives. AVX's technological, marketing, and financial resources will broaden and improve the ATC brand, said Victor Insetta, president, CEO, and founder of ATC. AVX obtains a niche-market company with a specific component focus, added ATC reps, noting that the ATC operations complement AVX's corporate roadmap. Further infrastructure and integration details were not disclosed.
ATC became a public company in 1986. Thomas Weisel Partners LLC acted as exclusive financial advisor to ATC and Mintz Levin Cohn Ferris Glovsky and Popeo served as its legal advisor.