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.
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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