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.Aldila RIP NV 65X Aldila RIP Phenom Aldila RIP Mitsubishi Diamana prototype 70X Mitsubishi Diamana White Board Mitsubishi Diamana 103X Related: Follow David Dusek on Twitter | Facebook | Google+