On Monday, Koch Industries had agreed to acquire Molex for USD7.2 billion. The Molex acquisition was said to be the biggest for the privately-held conglomerate.
As agreed, Koch would be paying a 31% premium to Friday's closing price of Molex common stock and 56% premium of its Class A Shares. Molex would be receiving USD38.50 per share from Koch. After the deal will be finalized by the end of the year, Molex would still be running as an independent subsidiary.
The decision to exit by members of the Molex founding family and the company's management team were difficult. "After 75 years, this was a difficult decision, but our board of directors and our family believe that this transaction, which follows a diligent and thorough review process by the board, provides outstanding benefits for all our stakeholders. The transaction is expected to provide substantial opportunities for our worldwide employees, many of whom have spent much of their working lives at Molex and are responsible for the company's long-term success," Molex chairman Fred Krehbiel said in a statement.
The Krehbiel family founded Molex, an electronic connectors maker.
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