P.M. BRIEFING : Champion Spark Plug Merger OKd
Champion Spark Plug Co. shareholders today approved the company’s $800-million merger with Cooper Industries Inc.
Cooper’s cash buyout at $21 per share was approved by shareholders of Toledo, Ohio-based Champion during a special meeting in Houston.
Cooper, a diversified maker of commercial and industrial products, in February outbid Dana Corp., which offered $590 million in cash and securities, to acquire the spark plug maker.
Dana, a Toledo-based automotive parts manufacturer, had signed an agreement to acquire Champion in January. Champion had agreed to pay Dana $15 million if the buyout fell through.
In making the bid for Champion, Robert Cizik, Cooper’s chairman and president, said he had no objection to Champion’s agreement to pay Dana.