Galvanic Receives Takeover Offer
For the nine months ending January 31, revenues for Galvanic were flat at CAD 13.0 million ($13 million = CAD 1 = $1) (for quarterly results, see page 12). For the period, sales for the Galvanic Canada business, whose product lines include GCs, sulfur measurement systems, and flow and pressure measurement products, rose 3.4% to make up 75% of sales. Sales for Galvanic Lowell, which provides products for measuring chemical concentrations, viscosity, turbidity and suspended solids, grew 8.1%.
Calgary, Canada 6/28/13; Toronto, Canada 6/28/13—Galvanic Applied Sciences has received an acquisition offer from a group of private equity firms, led by Tuckerman Capital. Listed on the Toronto stock exchange, Galvanic is a provider of instrumentation for the natural gas processing and distribution markets and for the liquids process markets. Tuckerman is offering CAD 1.70 per share ($1.63 = CAD 1.05 = $1) in cash, a 10.4% premium over Galvanic’s closing price on June 24, which puts the aggregate offer amount at $28.6 million. Approximately 67% of the common shares of Galvanic have entered into a lock-up agreement supporting the purchase. Galvanic’s Board has appointed a special committee to evaluate the offer and has engaged MNP as financial advisors. The offer is open to Galvanic shareholders until August 6. If Galvanic is acquired, US-based Tuckerman and its partners, 2SV Capital and Right Lane Capital, plan to take the company private.
