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January 04, 2007 01:00 AM

Private investors buying control of Farrel

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    ANSONIA, Conn. (Jan. 4) — Rubber machinery maker Farrel Corp. has agreed to sell all of its issued and outstanding shares of common stock to an unnamed private investor group.

    The deal, valued at about $17 million, will make Farrel a private company. It is estimated that members of Farrel´s management team will own approximately 30 percent of the company after the deal is completed.

    The deal offers $2.75 per share, with a further payment of up to 25 cents per share three years after the completion of the deal. Although few shares are traded in the company, the price was well below $1 until April of 2006, when the stock price jumped to around $1.40. The new offer is roughly double the average share price over the last six months.

    There were approximately 6 million shares outstanding as of July 2006.

    In a statement, Farrel said, "Pursuant to the merger, a subsidiary of the private investor group will merge with and into Farrel, with Farrel continuing as the surviving corporation. After the merger Farrel will be a privately held company and its stock will no longer be publicly traded."

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