Mor-Flo to Merge With Australian Firm
CLEVELAND —
Mor-Flo Industries Inc. has signed a definitive agreement to merge into SABH (U.S) Inc., an indirect subsidiary of S.A. Brewing Holdings Ltd. of Adelaide, Australia.
The agreement, which must be approved by Mor-Flo’s board of directors by May 21, calls for the acquisition of all Mor-Flo shares for a cash price of about $12 each, yielding a total price on the acquisition of $31.65 million before certain transaction expenses and possible adjustments.
Mor-Flo is a manufacturer of gas, electric and solar water heaters, as well as related home-heating products.
