on MACE SECURITY INTERNATIONAL INC (NASDAQ:MACE)
Mace Security International Announces Merger with W Electric
Mace Security International, Inc., a key player in personal self-defense products, has entered into a definitive merger agreement with W Electric Intermediate Holdings, LLC. This strategic move will transform Mace into a wholly-owned subsidiary of W Electric. The transaction involves Mace shareholders receiving cash in exchange for their shares, with a total merger consideration valued at $6 million, subject to adjustments for cash, debt, and expenses.
The merger, approved by Mace's board, is pending shareholder approval and is expected to close by the end of 2024. A $300,000 earnest deposit has been made by W Electric for working capital before the deal's closure. The agreement includes clauses allowing for termination under specific conditions, potentially involving a termination fee of $500,000.
R. E.
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