NEW YORK, June 25 (Reuters) - The board of Edelbrock Corp. , an automotive parts maker, approved a deal in which the company's chairman, O. Victor Edelbrock, will buy all of its outstanding shares and take the company private.
A company controlled by Victor Edelbrock, who is also the company's president and chief executive officer, will buy all outstanding shares not already owned by him and his affiliates for $16.75 per share in cash.
The price represents a 13.1 percent premium to Friday's closing price of $14.81 for Edelbrock Corporation's common stock and a 23.9 percent premium over $13.52 which was the closing price immediately before the announcement of merger discussions, the company said in a release.
The deal is subject to Victor Edelbrock having sufficient debt financing available at closing.
Torrance, California-based Edelbrock designs, manufactures and distributes replacement parts for the automotive and motorcycle aftermarkets.