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Article: TechTronic Industries To Acquire Royal Appliance Mfg. Co.
- Article from:
- PR Newswire
- Article date:
- December 17, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TechTronic Industries Company Limited ("TTI"), (HK: 669 U.S.ADR TTNDY) and Royal Appliance Mfg. Co. , today announced that they have entered into a definitive agreement ("agreement") for the acquisition by TTI of Royal Appliance, an innovative floor care company whose Dirt Devil(R) brand is among the market leaders in North America. The agreement provides for Royal Appliance shareholders to receive US$7.37 per share in cash, or a total purchase price of approximately US$105 million.
Under the terms of the agreement, Royal Appliance will be merged with a subsidiary of TTI which, following the completion of the merger, will operate as a wholly owned subsidiary of ...