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New York Ag News Headlines |
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Hardinge Stockholders Approve Merger with Privet
New York Ag Connection - 05/24/2018
Hardinge Inc., Elmira, N.Y., a leading international provider of advanced metal-cutting solutions and accessories, announced that Hardinge shareholders voted at a special meeting of shareholders to merge with Parent, owned by affiliates of Privet Fund
Management LLC and Privet Fund LP.
Based on a tabulation of the stockholder vote, approximately 98.91% of all votes cast, which represents approximately 78.36% of all outstanding shares on April 16, 2018, the record date for the special meeting, were voted in favor of the merger. Hardinge
shareholders also approved the proposal to approve, on an advisory (non-binding) basis, certain compensation that may be paid or become payable to the company's named executive officers in connection with the merger.
Under the terms, Hardinge shareholders will receive $18.50 per share in cash at the closing of the merger. The merger is expected to be completed on or about May 25, 2018, subject to customary closing conditions. Shares of Hardinge common stock will be
delisted from the NASDAQ upon completion of the merger.
Privet Fund Management LLC is a private investment firm focused on investing in and partnering with small capitalization companies. The firm has flexible, long-term capital with the ability to effectuate investments across all levels of the capital structure, including
going-private transactions. Privet was founded in 2007 and is based in Atlanta, Ga.
Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard-to-machine metal parts and of technologically advanced workholding accessories. The Company's strategy is to
leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable products Hardinge produces. With approximately two-thirds of its sales outside of North
America, Hardinge serves the worldwide metal working market. Hardinge's machine tool and accessory solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy,
medical, technology and transportation.
Hardinge applies its engineering design and manufacturing expertise in high performance machining centers, high-end cylindrical and jig grinding machines, SUPER-PRECISION and precision CNC lathes and technologically advanced workholding accessories.
Hardinge has manufacturing operations in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom and the United States.
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