(RTTNews) – Industrial minerals firm U.S. Silica Holdings, Inc. (SLCA) introduced Friday that it has entered right into a definitive settlement to be acquired by funds managed by associates of Apollo (APO) in an all-cash transaction that values the Firm at an enterprise worth of roughly $1.85 billion.
Underneath the phrases of the settlement, U.S. Silica stockholders will obtain $15.50 per share in money for every share of frequent inventory owned as of the closing of the transaction. The per share buy value of $15.50 represents a 18.7% premium to U.S. Silica’s closing share value of $13.06 on April 25, 2024, the final full buying and selling day previous to the transaction announcement
Upon completion of the transaction, the Firm’s frequent inventory will not be listed on the New York Inventory Change, and the Firm will turn out to be a non-public firm. U.S. Silica will proceed working beneath the U.S. Silica title and model and can proceed to be led by Bryan Shinn and the present government staff.
The transaction, which has been unanimously authorized by U.S. Silica’s Board of Administrators, is predicted to shut within the third quarter of 2024, topic to customary closing situations, together with approval by U.S. Silica stockholders and receipt of regulatory approvals. The transaction isn’t topic to a financing situation.
The definitive settlement features a 45-day “go-shop” interval that can expire at 12:01 AM ET on June 10, 2024.
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