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Lydall Inc (NYSE:LDL) is trading significantly higher Monday morning after the company announced it will be acquired by Clearlake Capital-backed Unifrax.
What Happened: Unifrax signed a definitive agreement to acquire Lydall at a valuation of approximately $1.3 billion. Lydall shareholders will receive $62.10 per share in cash.
“The combination of Unifrax and Lydall creates a global specialty materials platform with new cutting edge technologies in advanced filtration, electric vehicle battery systems, and energy saving applications,” said John Dandolph, president and CEO of Unifrax.
Unifrax is a global provider of high-performance specialty materials. Lydall designs and produces specialty filtration materials and advanced material solutions.
Price Action: Lydall has traded as low as $11.15 over a 52-week period and it's making a new 52-week high today.
At last check, the stock was up 81.90% at $60.54.
Posted In: LDL
