Koch Industries to buy electrics manufacturer for US$7.2 billion
AFPNEW YORK--Koch Industries, the sprawling U.S. global industrial conglomerate, announced Monday it was buying Molex, a manufacturer of electrical and electronic components, for US$7.2 billion.
September 11, 2013, 12:11 am TWN
Owned by the billionaire Koch brothers, David and Charles, known for their ultra-conservative political activism, Koch Industries, one of the largest U.S. private companies, said it would pay US$38.50 per share in cash.
That represents a 31-percent premium to Molex Incorporated's common stock closing price Friday.
The acquisition deal has been approved by both companies' boards of directors, Koch Industries and Molex said in a joint statement.
Some members of the Krehbiel family, which controls Molex, and certain Molex executive officers, holding a combined 32 percent of the company's equity, support the transaction, the companies said.