Thresher Industries Inc., Hanford, Calif., announced last month it accepted a proposal for purchase by an undisclosed investor.
The company, which has reported a furry of activity in the past several months, including winning several new business contracts and hiring new employees, will be sold for an offer price of $0.01 for any and all outstanding shares. Thresher expects the sale to close in early to mid-April.
“As of March 16, the board decided to initiate procedures to finalize the sale of the company in an accelerated manner,” said Thresher CEO Tom Flessner.
According to a company press release, on March 9, Thresher received a proposal to purchase the company. The proposition was later approved and disclosed preceding the company’s board of directors special meeting. The board’s reported opinion was that the offer was acceptable and included a proposed settlement that exceeded the current market price range.
Thresher is a manufacturer of aluminum and metal matrix composite die castings. The company serves a variety of industries, including agriculture, aerospace, defense, transportation and automotive.
