Engineering and supply chain logistics firm ATC Technology Corporation, yesterday said that it has agreed to be acquired by privately held Genco Distribution System Inc. for $512.6 million in cash.
Genco, North America's second-largest third party logistics provider, will take ATC private by offering $25 per share, representing a premium of 43.4 per cent to ATC's Friday closing price.
Under the deal, ATC and its advisers are permitted and intend to actively solicit alternative acquisition proposals from third parties until 17 August 2010, ATC said in a statement.
Grove, Illinois-based ATC provides comprehensive order fulfillment, reverse logistics, test and repair, packaging, warehousing and distribution services, and transportation management for high-tech industries including the wireless, GPS or personal navigation, broadband and cable, consumer electronics and automotive electronics industry in the US, Europe, and Canada.
For 2009, the company reported revenues of $485 million.
Pittsburgh, Pennsylvania-based Genco is a third-party provider of logistics services for retailers, manufacturers and US government agencies.
It provides a range of supply chain solutions, including managed warehouse space, transportation management, parcel negotiation and audit, returns management, damage research, production liquidation and pharmaceutical returns management services.