- Clearlake Capital-backed Unifrax agrees to buy Lydall (NYSE:LDL) at a consideration implying a total enterprise value of ~$1.3B.
- It implies Lydall shareholders will receive $62.10 per share in cash, representing a premium of around 50% to LDL's last traded market price on Friday.
- The news sent the stock up 83% in pre-market trading.
- "The combination of Unifrax and Lydall creates a global specialty materials platform with new cutting edge technologies in advanced filtration, electric vehicle battery systems, and energy saving applications," says Unifrax' President and CEO John Dandolph.
- The Board of both the companies have approved the transaction, which is expected to close in H2 2021 subject to satisfaction of regulatory approvals and other customary closing conditions.
- Press Release
- Previously (June 8): Lydall gains after speculation the company is exploring a sale (update)