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CFC International Signs Letter of Intent To Merge With Audax Affiliate
Worldwide holographic and specialty coated film manufacturer CFC International, Inc. has announced that it has entered into a letter of intent to merge the company with an affiliate of Audax Group, a private equity firm, for an enterprise value of $109.4 million, which equates to an expected share price range for this transaction between $19.50 and $20.00 per share. The proposed transaction is subject to a number of conditions, including completion of due diligence and the negotiation and execution of a definitive agreement. The company expects the transaction, if completed, to close during the third quarter of 2005. The company also reports that net income and diluted earnings per share for the first quarter of 2005 increased 30 percent to $1.5 million, or $0.33 cents per chare on a fully diluted basis compared to $1.2 million or $0.26 cents per share on a fully diluted basis for the first quarter of 2004. This increase in net income was primarily attributed to higher sales and improved productivity.
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