Cohesant (NASDAQ:COHT)
Historical Stock Chart
From Jun 2019 to Jun 2024
Cohesant Technologies Inc. (Nasdaq: COHT)(“Cohesant
Technologies”) and its former subsidiary,
Cohesant Inc. (formerly known as CIPAR Inc.), today announced that
Cohesant Technologies completed the sale of its GlasCraft subsidiary
effected through the merger of Cohesant Technologies with Graco Indiana
Inc., a wholly-owned subsidiary of Graco Inc. Under the terms of the
merger, each share of common stock of Cohesant Technologies, other than
shares, if any, owned by Graco Inc. or Graco Indiana Inc., was cancelled
and automatically converted into the right to receive $9.43 per share in
cash, without interest. The merger occurred immediately following the
Cohesant Technologies’ stockholders’
approval and adoption of the merger agreement among Cohesant
Technologies, Cohesant Inc., Graco Inc., Graco Indiana Inc., and
GlasCraft Inc., dated December 3, 2007.
Immediately prior to the closing of the merger, Cohesant Technologies
spun off its subsidiary, Cohesant Inc., by means of a special taxable
dividend of one share of Cohesant Inc. stock for each share of common
stock of Cohesant Technologies then owned. The special dividend was paid
to stockholders of record of Cohesant Technologies as of February 26,
2008. The shares of Cohesant Inc. will trade in the over-the-counter
market.
Morris H. Wheeler, Chairman and CEO of Cohesant Inc. said “Graco
offers the best possible new home for the GlasCraft business and its
employees. For Cohesant management, the transaction provides an ability
to focus its efforts on the burgeoning market for infrastructure
protection and renewal products and services. For Cohesant investors,
the transaction provides immediate cash of $9.43 per share (a 58%
premium over the $5.98 closing price on the trading day immediately
preceding the announcement on December 3, 2007) and maintains their
equity in a promising “clean tech”
pure play serving the water industry. In short, while the divestment of
GlasCraft after 14 years is bittersweet, this transaction creates value
for everyone involved.”
Cohesant Inc., based in Beachwood Ohio, is engaged in the protection and
renewal of drinking water distribution systems and wastewater collection
systems for municipal, industrial, commercial and residential
infrastructure and the design, development, manufacture and sale of
specialty coatings and equipment used to apply such coatings. The
Company markets its products under numerous trade names including;
AquataPoxy, CuraFlo, CuraPoxy, and Raven.
Safe Harbor Statement
This communication contains forward-looking statements that are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995, particularly those statements regarding
the effects of the merger and those preceded by, followed by or that
otherwise include the words “believes,”
“expects,” “anticipates,”
“intends,” “estimates,”
or similar expressions. Forward-looking statements relating to
expectations about future results or events are based upon information
available as of today’s date, and there is no
assumed obligation to update any of these statements. The
forward-looking statements are not guarantees of future performance, and
actual results may vary materially from the results and expectations
discussed. These forward-looking statements are made subject to
significant risks and uncertainties that could cause actual results to
differ materially from those stated. You should not place undue reliance
on these forward-looking statements, which speak only as of the date of
this press release. Cohesant Inc. undertake no obligation to publicly
release any revisions to these forward looking statements to reflect
events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events.