GE Fanuc to buy Total Control
Charlottesville, Va. and Melrose Park, Ill.— GE Fanuc Automation Inc. agreed Nov. 23 to buy Total Control Products Inc. for $11 per share or about $100 million, which would include some other options. A GE Fanuc subsidiary was expected to begin a tender offer for all outstanding Total Control shares by Nov.
Charlottesville, Va. and Melrose Park, Ill.— GE Fanuc Automation Inc. agreed Nov. 23 to buy Total Control Products Inc. for $11 per share or about $100 million, which would include some other options. A GE Fanuc subsidiary was expected to begin a tender offer for all outstanding Total Control shares by Nov. 30. Though subject to traditional conditions, such as two thirds of its shares being tendered, holders of about half of Total Control’s shares have already agreed to tender their stock. With about 8 million shares outstanding, Total Control has also given GE Fanuc the option to buy 19.9% of its common stock at $11 per share.
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