Morehouse Signs Letter of Acquisition
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Morehouse Industries Inc. of Fullerton and Calnetics Corp. of Paramount have signed a letter of intent for the acquisition of Morehouse by Calnetics, the companies jointly said Friday.
Each share of Morehouse would be converted into the right to receive 45 cents cash and one-fourth of a Calnetics’ share upon closing. Morehouse has about 3.9 million shares outstanding and Calnetics about 2.8 million.
Morehouse designs, manufactures and sells industrial process machinery. Calnetics makes molded plastic components and acrylic, polycarbonate and polystyrene plastic sheets.
The deal is subject to the execution of a definitive agreement, approval by directors and shareholders, and administrative and regulatory agency review.
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