Grand Prairie, Texas-based Litex Industries, Ltd. has successfully completed its previously announced cash tender offer through its subsidiary Litex for all of the outstanding shares of Craftmade International, headquartered in Coppell, Texas.
Litex’s tender offer for US $4.25 per share was made on October 14, 2011 and expired at 5:00 P.M., EST on November 29. After that date, Litex instructed BNY Mellon Shareowner Services, the depositary for the tender offer, to release payment for the tendered shares to each of the applicable stockholders. As a result, approximately 79 percent of Craftmade common stock was tendered and then transferred to Litex. Together with the approximately 14 percent of Craftmade common stock that Litex already owned, Litex now holds approximately 93 percent of Craftmade common stock.
Litex will be conducting a short form merger between Craftmade and itself after which Craftmade will be operated as a wholly owned subsidiary of Litex Industries, Ltd.