CECO Environmental (CECO) said Tuesday that its Combustion Merger unit has begun the previously announced cash tender offer for all outstanding Profire Energy (PFIE) common shares at a price of $2.55 per share.

The tender offer is being made pursuant to Combustion Merger's roughly $125 million deal to acquire Profire Energy, CECO said.

The offer is set to expire a minute after 11:59 pm ET on Dec. 31, the company said.

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