By Lisa Kerner
Charlotte, N.C., Feb. 26 - Refac Optical Group said a group led by Palisade Capital Management, LLC and Palisade Concentrated Equity Partnership, LP plan to take the company private via a short form merger of ROG Acquisition, Inc. with and into Refac.
The group currently owns 16,272,218 shares, or 91.7% of the outstanding shares of common stock of Refac, and will transfer its shares to ROG, according to a schedule 13D filing with the Securities and Exchange Commission.
Under the merger agreement, the merger consideration is $6.00 per share and the transaction will be completed following regulatory approval, according to a company news release.
Refac is a retail optical chain based in Blackwood, N.J.
| Acquirer: | Palisade Capital Management, LLC and Palisade Concentrated Equity Partnership, LP
|
| Target: | Refac Optical Group
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| Payment per share: | $6.00
|
| Announcement date: | Feb. 26
|
| Expected closing: | Upon approvals
|
| Stock price for target: | Amex: REF; $4.31 on Feb. 23
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