By Lisa Kerner
Charlotte, N.C., June 18 - American Technical Ceramics Corp. agreed to be acquired by AVX Corp. for $24.75 per share in cash in a transaction valued at about $231 million.
The deal will close upon shareholder and other approvals.
"AVX is one of the leaders in our industry. They have a great understanding of and appreciation for our business and bring to bear the technological, marketing and financial resources that will enable ATC to move to the next level," American Technical Ceramics founder and chief executive officer Victor Insetta said in a company news release.
Thomas Weisel Partners LLC and Mintz Levin Cohn Ferris Glovsky and Popeo advised American Technical Ceramics. The Huntington Station, N.Y., company manufactures and markets electronic components, including ceramic multilayer capacitors and custom thin film circuits.
AVX manufactures passive electronic components and interconnect products. The company is located in Myrtle Beach, S.C.
| Acquirer: | AVX Corp.
|
| Target: | American Technical Ceramics Corp.
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| Price per share: | $24.75
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| Announcement date: | June 18
|
| Expected closing: | Upon approvals
|
| Stock price for target: | AMEX: AMK: $16.81 on June 15
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