CECO Environmental Completes Tender Offer for Acquisition of Profire Energy
MT Newswires Live
Jan 02, 2025
CECO Environmental (CECO) said Thursday that it has successfully completed its tender offer to acquire all of the issued and outstanding shares of Profire Energy (PFIE) for $2.55 each in cash.
At expiration of the offer on Dec. 31, the company had received and accepted about 86.3% of outstanding PFIE shares, satisfying the minimum tender condition.
CECO said the transaction is valued at approximately $125 million.
As a result of the merger, which CECO will complete after payment of the tendered shares, Profire will become a wholly owned subsidiary of CECO, and Profire's shares will cease trading on the Nasdaq Capital Market, CECO said.
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