Solutia Completes Tender Offer for Shares of Southwall TechnologiesNovember 29th, 2011 | Category: Industry News
Officials at Solutia Inc. of St. Louis and its wholly-owned subsidiary, Backbone Acquisition Sub Inc., which was formed for the purpose of acquiring Southwall Technologies Inc. of Palo Alto, Calif., announced on November 23 the successful completion of the tender offer for all of the outstanding shares of common stock of Southwall at a purchase price of $13.60 per share in cash. The tender offer expired at 12 midnight EST on November 22.
The tendered shares represent approximately 95.7 percent of the outstanding shares of common stock of Southwall.
Backbone Acquisition intends to effect a “short-form” merger under Delaware law as promptly as practicable. Following completion of the merger, Southwall will become a wholly-owned subsidiary of Solutia. Upon completion of the merger, all remaining Southwall stockholders who did not tender their shares in the tender offer (other than shares owned by Backbone Acquisition, Solutia, Southwall and their respective subsidiaries) will have the right to receive the same $13.60 per share in cash, without interest and less any applicable withholding taxes, paid in the tender offer. Following the merger, the common stock of Southwall will cease to be traded on the Nasdaq Capital Market.