Tufco Technologies To Be Bought By Griffin Holdings For $6.07/ Share In Cash

(RTTNews) - Tufco Technologies, Inc. (TFCO) said Friday that it has agreed to be acquired by entities affiliated with Griffin Holdings, LLC for $6.07 per share in cash pursuant to a cash tender offer and second step merger.

The per share purchase price represents a premium of 19.0% over the closing share price on December 20, 2013, and 17.8% over the 90-day volume-weighted average closing share price as of the same day, the company said.

Under the terms of the deal, a subsidiary of Griffin will commence a cash tender offer to purchase all of the outstanding shares of Tufco's common stock for $6.07 per share within 20 days. The merger agreement provides that, as soon as practicable after the closing of the tender offer, any shares not tendered in the tender offer will be acquired in a second-step merger at the same cash price as paid in the tender offer.

The merger agreement contains a provision under which Tufco has agreed not to solicit any competing offers for the company.

Tufco's Board of Directors has unanimously approved the deal and recommended that the company's shareholders tender their shares in the tender offer. Bradford Venture Partners, L.P., Tufco's largest shareholder, has also agreed to tender in the tender offer shares representing 14.9% of Tufco's outstanding shares as of the date hereof.