Cybex Goes Private In Buyout
COURTESY
Medway-based fitness equipment maker Cybex International will be going private after shareholders approved a purchase of outstanding shares of common stock Wednesday to the company's largest shareholder.
The company will now become a subsidiary of that shareholder, UM Holdings, along with Chairman and CEO John Aglialoro, and Joan Carter, a company director, according to a statement from Cybex. The deal is worth $2.55 per share, which will be paid to the affected stockholders in cash, the company said.
The company's market cap is $43.4 million.
Completion of the deal is expected within the next week and subject to standard closing conditions, Cybex said, which includes taking the company's stock off the Nasdaq exchange, where its stock is traded.
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