One of the Kansas City area’s few remaining over-the-counter stocks is to sell for for $48 million in cash, which includes assuming about $1.4 million in debt.
Olathe-based custom electronics manufacturer Torotel Inc. (OTC: TTLO) reached an agreement to be acquired by Standex International Corp. The deal also includes the Salem, N.H.-based company (NYSE: SXI) absorbing about $8 million in transaction costs incurred by Torotel.
The transaction requires approval of holders of two-thirds of Torotel’s outstanding shares. However, officers, executives and significant shareholders representing about 62% of Torotel’s shares already have signed commitments to vote their shares in favor of the transaction.