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Friday, December 20, 2013

Coleman Cable to sell itself to Southwire for about $492 mln, (NASDAQ: CCIX)

Coleman Cable Inc, a maker of electrical wire and cable products, said it would sell itself to privately held Southwire Co for about $492 million. Southwire's offer of $26.25 per share is at a premium of about 7 percent to Coleman stock's Thursday close.Including Coleman's debt, the deal is valued at about $786 million.Coleman's management team will join Southwire after the deal closes, expected in the first quarter of 2014, Coleman said.Macquarie Capital and Wells Fargo Securities are Southwire's financial advisers. Kirkland & Ellis LLP is the legal adviser. Jefferies LLC is the financial adviser to Coleman, while Sullivan & Cromwell LLP and Winston & Strawn LLP are serving as legal advisers.

Coleman Cable, Inc. (Coleman) is a designer, developer, manufacturer and supplier of electrical wire and cable products for consumer, commercial and industrial applications, with operations primarily in the United States and in Honduras and Canada. Shares of CCIX remained unchanged at $24.47. In the past year, the shares have traded as low as $9.04 and as high as $26.50. On average, 77223 shares of CCIX exchange hands on a given day and today's volume is recorded at 0.