FARMINGDALE, NY -- Cemtrex today announced a revised exchange offer to acquire Key Tronic, increasing its bid to one $10 4% debenture due 2024 and one-third share of Cemtrex common stock.
Cemtrex said the new bid is valued at more than $11 per share of common stock. The EMS company previously offered a one-for-one share exchange for Key Tronic.
Key Tronic closed Friday at $6.91 per share of common stock, while Cemtrex closed at $2.92.
"This revised offer with Cemtrex’s series 2 units equals $11 per Key Tronic share which represents an approximate 59% premium to Friday’s $6.91 closing price of Key Tronic’s common shares," Cemtrex said in a press release.
Cemtrex has made several public statements this fall about its interest in acquiring Key Tronic. The latter, however, has dismissed the bids as undervalued and questioned the legitimacy of the offer, citing a lack of filings on intent with the SEC.