Southwire to acquire Coleman Cable

by AP

alt


CARROLLTON, Ga. (AP) — Southwire Co. says it plans to acquire wire and cable maker Coleman Cable Inc. for $26.25 per share.

The deal, announced Friday, values Coleman at about $492 million, excluding the assumption of $294 million in debt.

Southwire, based in Carrollton, Ga., is North America's largest wire and cable producer. The privately held company said the deal will expand its offerings and provide a stronger platform for product innovation.

Under the agreement, Southwire will launch a tender offer by Jan. 6 for all the outstanding shares of Coleman common stock. At $26.25 per share, the offer represents a nearly 17 percent premium to the company's closing stock price Oct. 29, the last day of trading before reports about a potential transaction.

The deal has already been approved by Coleman's board of directors. It is expected to close in the first quarter of 2014.

If completed, Coleman's management team will join Southwire, which expects to maintain a significant presence in Waukegan, Ill., where Coleman is headquartered.

Shares of Coleman jumped 7 percent to $26.25 by midday following the announcement.



More Local

Christmas box total tops 18,000

Shoeboxes filled with Christmas cheer have left Newnan to brighten days for children around the world. This year’s Operation Christmas ... Read More


Community Thanksgiving dinners served today

Free community Thanksgiving dinners will be served at three locations today. There may also be clothing and canned goods available for those ... Read More


Senator to expand legal marijuana debate

A joint state House-Senate committee has spent the past several months studying the possibility of making cannabis oil with a low THC conten ... Read More


Santa Claus coming to downtown

November and December are busy times at the North Pole, but Santa Claus is once again taking a break from his duties there to visit downtown ... Read More


Newnan Council

Camping World’s rezoning request denied

Newnan City Council denied Siren Partners, LLC’s rezoning request for approximately 22 acres on Newnan Crossing Boulevard East to acco ... Read More

Gasoline prices lowest in four years

Gasoline prices have dropped for 62 days straight, and though they aren’t expected to go much lower, they’re not expected to ris ... Read More