Breaking Finance News

Molex to be Acquired by Koch Industries- Shares Soaring

Shares of Molex (NASDAQ: MOLX) are up 31 percent after the company announced that it would be acquired for $7.2 billion by Koch industries, the holding company controlled by the billionaire Koch brothers. Koch will pay $38.50 per share–a 42 percent premium over the stock’s September 6 closing price.

“After 75 years this was a difficult decision, but our board of directors and our family believe that this transaction, which follows a diligent and thorough review process by the board, provides outstanding benefits for all our stakeholders. Importantly, our shareholders will receive a significant premium and compelling value for their holdings. The transaction is expected to provide substantial opportunities for our worldwide employees, many of whom have spent much of their working lives at Molex and are responsible for the company’s long term success,” said Fred Krehbiel, co-chairman of the Molex board.

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[stock-tools exchange="NASDAQ" symbol="MOLX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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