Olathe-based electronics manufacturer selling to New Hampshire company

Business
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.

Click here to read more about this story from the Kansas City Business Journal, a FOX4 reporting partner.

Tracking Coronavirus

More Tracking Coronavirus

Popular

Latest

More News