Gerard Lighting sells for $186m
Gerard Lighting, which is known for its Pierlite, Sylvania and Compton lighting brands, among others, has endorsed a $1.05-a-share or $186m takeover offer from Lighting Group Australia, owned by private equity group CHAMP.
Shares in Gerard closed at 21.5 cents, or 26.71% higher at $1.02 on Wednesday, after coming out of a trading halt that was requested on Monday.
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Gerard deputy chairman Rick Allert says the company’s directors believed the offer was an opportunity for shareholders to secure an attractive premium for their shares.
The Gerard family holds 52% of the company’s stock.
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