Pacer to Review Bid From Shareholder

Pacer Technology, the Rancho Cucamonga-based maker of Super Glue and other industrial-strength adhesives, said Monday that one of the company’s biggest shareholders has offered to buy out the manufacturer for $6 a share in cash, or about $12 million.

Cyan Investments, a limited liability company created by Ellis T. Gravette and a partner, already owns 25.7% of Pacer’s common stock outstanding, according to a Securities and Exchange Commission filing.

Cyan, formed last month for the purpose of acquiring Pacer, wants to make the adhesive company private, according to the filing. Pacer shares closed at $4.39, up 31 cents, on Nasdaq.

Pacer, which has been given an April 23 deadline, has formed a special committee to review the proposal as well as explore alternatives, including finding other possible buyers, said Chief Financial Officer Laurence Huff.Gravette, who resigned from Pacer’s board last month, owns 139,600 shares, and Cyan has acquired an additional 609,660 shares, according to the filing. There are about 2.9 million Pacer shares outstanding.

Pacer reported net income of $241,000, or 8 cents a share, for its fiscal second quarter ended Dec. 31, contrasted with a net loss of $70,000, or 2 cents, from the year-earlier period.