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Stanley Works to acquire Black & Decker Corp. joining two toolmaking giants
2009-11-03 05:14:29 (GMT) (Caymanmama.com - Business News)
Boise, Idaho (CaymanMama.com) — Joining two giant toolmaking companies into one mammoth brand, Stanley Works has agreed to acquire Black & Decker Corp. for a price tag of $4.5 billion, the two companies announced Monday.
According to the Associated Press, “Stanley shareholders will own about 50.5 percent of the combined company, which will be named named Stanley Black & Decker. Black & Decker shareholders will own an approximate 49.5 percent stake.”
Stanley Chairman John F. Lundgren will act as president and CEO of the combined corporation following the completion of the all-stock deal.
The Board of Directors for each entity gave their approval for the merger, which will still receive regulatory and shareholder sanction.
CaymanMama.com - Press Release Distribution Service
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