Originally published at www.seclive.com
Molex Incorporated (NASDAQ:MOLX) announced it has entered an agreement to be acquired by Koch Industries in a deal valued at $7.2B. The acquisition, which will close by year's end, will involve Koch paying $38.50 per share of Molex, a 31% premium above Friday's closing price. This deal will be the second largest Koch has completed, second only to its $21B acquisition of Georgia Pacific. Once completed, Molex will operate as a standalone subsidiary to Koch, with its current management team remaining in place, retaining both its name and Illinois headquarters. Several Molex executives remarked that the decision was a tough one in that the company has been independent for 75 years, but the acquisition will serve the greater benefit to its shareholders and open up more significantly more opportunities for the company's worldwide employees.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.