Albemarle to buy Sorbent Technologies for $20M
Friday June 6, 9:20 am ET
Albemarle to acquiring Sorbent Technologies for about $6 per share in cash deal
BATON ROUGE, La. (AP) -- Chemical producer Albemarle Corp. said late Thursday it will buy Sorbent Technologies Corp., a provider of mercury control systems for power utilities, for about $6 per share in cash.
The price represents a 17 percent premium over Sorbent's Thursday closing price of $5.12. Albemarle values the acquisition at about $20 million plus certain adjustments.
The deal closing is subject to Sorbent shareholder approval. The Twinsburg, Ohio-based company plans to hold a special meeting of shareholders to vote on the deal in early July, and expects it to close shortly thereafter.
Sorbent shares trade on the Pink Sheets under the symbol "SORB."
Source: Associated Press
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