Smartflex Becomes Unit of Michigan Company
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A Michigan electronics firm said Thursday that it completed its acquisition of Tustin electronics parts maker Smartflex Inc. for about $68 million in cash.
Smartflex becomes a subsidiary of closely held Saturn Electronics & Engineering Inc. of Auburn Hills, which provides electronic and electromechanical systems.
Saturn paid $10.50 a share, more than double the price of Smartflex shares the day before the deal was announced early last month.
Saturn received 6.3 million shares, or nearly 97% of Smartflex System’s outstanding common shares. The remaining outstanding shares will be converted to rights, allowing holders to receive $10.50 a share in cash, without interest.
Smartflex’s stock is no longer traded. The shares closed Wednesday at $10.44.
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