UPDATE: there are two conflicting sales figures for the Wescast deal. Reuters has reported $79.6 Million while other sources are stating $180 Million. We believe the $180 Million number is the correct figure, as that is close to their current market capitalization.
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BRANTFORD, Ont. – Wescast Industries Inc. has agreed to be purchased by China-based Sichuan Bohong Industry Co. for $79.6 million.
The Ontario-based maker of automotive exhaust systems says the transaction is valued at about $13.60 per share in cash, almost $3 a share above Friday’s closing price.
The transaction still needs to meet a number of closing conditions, including approval from Westcast shareholders, the Ontario Superior Court and regulators.
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