The deal still needs ratification by shareholders...
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The deal still needs ratification by shareholders and directors, but investors gave PPG Industries Inc.’s planned takeover of Swedlow Inc. their stamp of approval Thursday by sending the stock up $5 to close at a record $28 per share.
The two companies announced Wednesday that PPG will buy Swedlow, a Garden Grove airline parts maker, for $32.60 per share. When the proposed deal was announced, the stock was trading at $23 per share, an all-time high at the time. About 29% of the company is owned by founder and chairman David A. Swedlow.
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