2/11/2013 11:57:00 AM
H. Paulin & Co. Ltd. shareholders approved the acquisition of Paulin by Hillman Cos.
The arrangement received the approval of the requisite majority of shareholders, including approval by a “majority of the minority” shareholders, at a special meeting of shareholders held February 11.
The deal is expected to close on February 19, 2013.
Hillman agreed in December to acquire H. Paulin for CDN $103 million (US$104.5m).
Hillman said it will pay CDN $27.60 per share to purchase the Canadian fastener manufacturer. The deal represents a premium of approximately 116% to the 20-day volume weighted average price of Paulin shares, which closed at $13.20 on December 17 on the Toronto Stock Exchange.
Paulin president Richard Paulin will continue as president of H. Paulin, which will become a division of Hillman Canada. ©2013 GlobalFastenerNews.com
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