Cybex International, Inc. announced that its board of directors has authorized the company to enter into a “going private” merger agreement, in which each of its outstanding shares of common stock — other than shares owned by its largest shareholder, UM Holdings, Ltd., and UM’s subsidiaries and shareholders — will be converted into $2.55 per share, payable in cash. This transaction will be effectuated by means of a merger of a newly-formed, wholly-owned subsidiary of UM into Cybex pursuant to a merger agreement.
Following this merger, the company will be solely owned by UM, John Aglialoro, the chairman and CEO of Cybex, and Joan Carter, a director of Cybex, who currently collectively owns approximately 49.5 percent of the company’s common stock.
The merger price reflects a 89 percent premium over the closing price of the company’s common stock on October 16, 2012.
If the merger is approved and consummated, all outstanding shares of the company’s common stock (other than shares held by UM Holdings, its subsidiaries, and Aglialoro and Carter) will be acquired for $2.55 per share. Its shares will be deregistered under the Securities and Exchange Act of 1934, and the company will no longer be subject to the reporting requirements of the Exchange Act, and the shares will no longer trade on any market.
For more information, visit www.cybexintl.com.
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Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.
