P.M. BRIEFING : Formica Corp. OKs Merger Deal
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WAYNE, N.J. — Formica Corp. announced today it has approved a sweetened merger agreement with a management-led investor group which will pay about $365 million in cash for the laminated products company.
The agreement does not allow Formica to accept offers from other companies.
The $19-per-share bid by FM Acquisition Corp. includes the assumption of Formica debt. Formica announced Monday that it had rejected a $243-million takeover from FM Acquisition, one of several offers made for the company in recent months. That offer was $18.75 per share.
Formica also announced today that an unidentified industrial corporation, which had reportedly offered $20 per share for the company, has withdrawn its offer.
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