CARLSBAD, Calif. -- Aldila, the company that produces the popular VooDoo, NV and RIP line of golf shafts, announced in a release on Monday that its board of directors has unanimously approved a merger agreement to become a wholly-owned subsidiary of Mitsubishi Rayon America.
According to the release, if Aldila's shareholders approve the merger at a company meeting on Dec. 27, Mitsubishi will pay each Aldila stockholder $4.00 per share, which represents a 60 percent premium over Aldila's $2.50 share price as of Dec. 3. In total, Mitsubishi Rayon America, itself a wholly-owned subsidiary of Japan's Mitsubishi Chemical Holdings Company, would pay $22 million for the Poway, Calif-based Aldila.
“Aldila will be joining a world class Advanced Composite Materials company that is fully integrated from the base raw material acrylonitrile, precursor, carbon fiber and prepreg materials. MRC also offers a leading global graphite golf shaft product line-up under the Mitsubishi Rayon brand. We see unique synergies and opportunities for growing our two business segments of Composite Products and Composite Materials by joining with Mitsubishi Rayon” said Peter Mathewson, Aldila’s CEO.Golfers who won a 2012 PGA Tour event using an Aldila driver shaft include Tommy Gainey, (Aldila RIP NV 65X ), Ian Poulter (Aldila RIP Phenom), and Ben Curtis (Aldila RIP ). Mitsubishi Rayon driver shafts were used by Rory McIlroy (Mitsubishi Diamana prototype 70X), Nick Watney (Mitsubishi Diamana White Board), Sergio Garcia (Mitsubishi Diamana 103X) to win in 2012. Related: Follow David Dusek on Twitter | Facebook | Google+