AGC Singapore To Buy Black Box For $1.08/shr In Cash

(RTTNews) - AGC Networks Pte. Ltd. in Singapore would acquire all the outstanding shares of Black Box Corp. (BBOX) for $1.08 per share in cash, subject to customary closing conditions and regulatory approvals.

The Black Box Board unanimously approved the merger agreement following a thorough review of the full range of available strategic, financial and capital structure alternatives, which Black Box commenced and announced on February 6, 2018. The transaction is expected to close prior to the end of the calendar year.

The acquisition will be significant for AGC, expected to add over $600 million in annual revenue and about 3,000 team members serving clients worldwide.

As per the terms of the merger agreement, an indirect wholly owned U.S. subsidiary of AGC Singapore will commence a tender offer to purchase all of the outstanding shares of Black Box common stock for $1.08 per share in cash.

Upon the successful completion of the tender offer, the U.S. subsidiary of AGC Singapore would acquire all remaining shares of common stock not tendered in the offer for $1.08 per share through a second-step merger.

The tender offer and the second-step merger are subject to customary conditions, including the tender of a majority of the outstanding shares of Black Box common stock. The U.S. subsidiary of AGC Singapore is financing the merger through a combination of equity and debt.