C&D Technologies to Be Acquired by an Affiliate of Angelo, Gordon & Co.

October 04, 2011 by Jeff Shepard

C&D Technologies, Inc. announced the signing of a definitive merger agreement, pursuant to which C&D will be acquired by an affiliate of Angelo, Gordon & Co. in an all-cash transaction for $9.75 per share. The deal is expected to close in the fourth quarter of this calendar year. The transaction is not subject to a financing condition.

Under the terms of the merger agreement, each outstanding share of C&D common stock not owned by Angelo, Gordon & Co. or its affiliates will be converted into the right to receive $9.75 in cash, subject to the terms and conditions of the merger agreement.

Shareholders affiliated with Angelo, Gordon & Co. who hold approximately 65% of the outstanding shares of C&D’s common stock have executed a written consent to approve the transaction, thereby providing the required stockholder approval for this transaction. As a result, no further action by other stockholders of C&D is required to approve the transaction, but consummation of the transaction remains subject to certain closing conditions as set forth in the merger agreement.

The merger agreement was unanimously recommended by a special committee of the C&D Board of Directors and was then approved by C&D’s full Board of Directors.