Polypore Agrees To Be Acquired In $3.2 Bln Deal - Quick Facts

(RTTNews) - Polypore International, Inc. (PPO), a high technology filtration company specializing in microporous membranes, announced Monday that it has signed definitive agreements to be sold to Asahi Kasei Corp., through a U.S. subsidiary, for $60.50 per share in cash. The per share consideration represents an enterprise value for the company of approximately $3.2 billion.

As an integrated step in this transaction, immediately prior to Asahi Kasei's acquisition of Polypore, 3M Company (MMM) will acquire the assets of Polypore's Separations Media segment for approximately $1.0 billion and Asahi Kasei will receive the cash proceeds from the asset sale.

The deal represents a premium of approximately 24% over the volume weighted average share price for the twenty trading days up to and including February 20, 2015.

The definitive agreements require that the sale of the Company and the integrated sale of the Separations Media segment close after closing conditions for both transactions have been satisfied.

"The combination of our Energy Storage business with Asahi Kasei and our Separations Media business with 3M are excellent strategic fits, which we believe create value for our people, customers and shareholders, said Robert B. Toth, Polypore's President and Chief Executive Officer.