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Sep. 27, 2013, 7:50 AM
- As tipped Thursday, Toray Industries (TRYIF.PK) is set to acquire carbon fiber maker Zoltek (ZOLT), although the price is lower than some anticipated (the deal was originally reported to be for more than $610M).
- The purchase price is $584M, which works out to around $16.75/share in cash — that's a 9% discount to Thursday's close.
- ZOLT -9.8% premarket.
Sep. 26, 2013, 3:41 PM
Sep. 20, 2013, 3:22 PM
- Zoltek (ZOLT +9.1%) rockets higher on what is seen as another indication that a sale of the company may be near: A new Delaware corporation named MHI Wind Power Americas was registered yesterday.
- “This is exactly what Mitsubishi does before every acquisition - they set up a new subsidiary to be the buyer,” says an analyst who has closely followed the chatter around ZOLT since chemicals investment firm Quintaro Partners acquired a 10% stake earlier this year and pushed for changes.
- Mitsubishi Heavy Industries - or MHI - has been making acquisitions in carbon fiber.
Aug. 9, 2013, 1:57 PM
- Shares of Zoltek (ZOLT -1.2%) get volatile on the back of a Financial Times report saying the carbon fiber composite maker is rumored to have received takeover approaches at around $22 per share, which would value the company at about $800M.
- Quinpario Acquisition Corp., a blank check acquisition firm, coincidentally priced its IPO at $10 and begins trading on the Nasdaq Exchange today under the symbol "QPACU," is the leading suitor.
- In March, Quinpario had an offer rejected to buy Zoltek for a price in the mid teens.
Apr. 2, 2013, 5:55 PMZoltek (ZOLT) trades higher in the post session on speculation the company is evaluating strategic alternatives. Seeking Alpha contributor Neal Greenberg notes that Quinpario Partners turned up the heat last month on ZOLT's board to consider a cash infusion or even an all out takeover of the company, both of which were initially rejected out of hand. More recently however, he points out that Quinpario has filed an updated SC/13Da indicating ZOLT's board has reconsidered and agreed to open discussions. Shares +5.8% AH. | Comment!
Zoltek Companies, Inc manufactures carbon fiber. In addition, it produces an intermediate product, a stabilized and oxidized acrylic fiber used in flame- and heat-resistant applications which it sells under the Pyron trade name.
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