Crane Co., a diversified manufacturer of highly engineered industrial products, announced the successful completion of its tender offer for Merrimac Industries Inc.. Crane has accepted 2,796,642 validly tendered Merrimac shares, including 23,162 shares tendered under the tender offer's guaranteed delivery procedures. The tendered shares, excluding those tendered through the guaranteed delivery process, constitute approximately 92.5 percent of the total Merrimac shares of common stock outstanding. Crane expects to promptly complete the acquisition of Merrimac through a short-form merger.
Merrimac Industries Inc. is a leader in the design and manufacture of RF microwave signal processing components, subsystem assemblies, and Multi-Mix® micro-multifunction modules (MMFM®) for the worldwide Defense, Satellite Communications (Satcom), Commercial Wireless and Homeland Security market segments. Merrimac has a strong product platform and a solid customer base for space and military applications that complements Crane’s Electronic Group leading microwave product offerings. Merrimac has approximately 210 employees and annual revenues of approximately $30 M. Crane expects Merrimac will have a very slight dilutive impact on the company’s 2010 earnings, but will be accretive in 2011.