Furon Ends Public-Company Status
With its sale to a unit of a French company, specialty plastics maker Furon Co. in Irvine ended its role as a public company Monday, filing a certificate to terminate is registration with the Securities and Exchange Commission.
Norton Co. of Valley Forge, Pa., a subsidiary of Compagnie de Saint-Gobain in Paris, said Monday that it has completed its $617-million acquisition of Furon.
Under terms of a tender offer, Norton set aside $472 million in cash to buy Furon stock at $25.50 a share. Norton purchased about 96% of Furon’s common shares in the tender offer and converted the rest into the right to receive $25.50 a share in cash.
Norton also agreed to assume $116 million of Furon debt and pay $29 million to settle options outstanding.
Furon, which makes polymer products, is now a unit of Norton.
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