Sierracin Directors OK Buyout by Investor Group
Sierracin Corp.’s directors accepted a $15-a-share buyout of the Sylmar company by an investor group led by Sierracin Chairman Christoph Tribull and Asahi Glass Co. Ltd. of Japan.
The group, SCS Acquisition Corp., offered in June to buy the 52% of Sierracin’s stock that it does not already own. The proposed transaction is valued at about $30 million.
Sierracin, which makes cockpit windows, motors and other aerospace equipment, said the deal remains subject to several conditions, including settlement of a 1987 shareholder lawsuit. The suit alleged fraud and mismanagement by Tribull and other officers, allegations that Tribull and the company have denied.
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