Collins Industries plans to merge with Steel Partners
Oct 1, 2006 12:00 PM
Collins Industries Inc has entered into a definitive merger agreement with Steel Partners II LP, a private investment partnership based in New York. Steel Partners is purchasing Collins in affiliation with American Industrial Partners, an operationally focused private equity firm.
Under the terms of the agreement, Collins shareholders will receive $12.50 in cash for each share of Collins common stock they hold. Total value of the transaction, including assumed debt and expenses, is approximately $110 million.
The board of directors of Collins has unanimously approved the merger agreement and is recommending that shareholders approve the merger.
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