AMP Acquires Options for 27% of Matrix Science
AMP Inc. of Harrisburg, Pa., acquired options to buy about 27% of Torrance-based Matrix Science Corp. to insure that its merger agreement with the company is consummated, according to a filing with the Securities and Exchange Commission.
The options give AMP a beneficial stake in Matrix of 3.6 million common shares, or 39%.
AMP, a maker of electrical wire terminals, said it acquired options to buy 1.46 million Matrix common shares from the company and options to buy another 1 million common shares from a group of stockholders including some Matrix directors. All the options allow AMP to buy shares at $15.50 each.
Under the merger agreement, AMP said it will operate Matrix, a manufacturer of electrical connectors, as a wholly owned subsidiary.
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