Under the terms of the merger agreement, UFBC
shareholders will receive USD19.
Pursuant to the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, UFBC common shareholders will receive 1.
Subject to the receipt of requisite approvals, UFBC will redeem all of its Small Business Lending Fund preferred stock held by the US Treasury prior to closing.
The transaction was approved by UFBC shareholders last month.
Under the terms of the agreement, UFBC shareholders will receive 1.
In related news, UFBC has also begun to ship sample batteries from the joint venture plant in India to undergo testing and evaluation in the U.
UFBC anticipates strong market interest in battery and power electronic products in a variety of rapidly growing markets.
The transaction, which is subject to UFBC
shareholder approval, regulatory clearance and other conditions, is seen closing in the first quarter of 2014.
The technology UFBC is using in its nickel cadmium batteries has been tested by the telecommunications industry and meets these performance criteria.
shareholders if UFBC goes public to raise funds for high-volume manufacturing facilities, initial market entry occurs and stock dividends are issued to shareholders.
has developed and filed patents on a technology called SEALER that allows the battery to be fully sealed using industrial battery production techniques.
Subject to UFBC
shareholder approval, regulatory approval and other conditions under the merger agreement, the acquisition will close in the first quarter of 2014 and is pursuant to the terms of the agreement, unanimously approved by the boards of directors of both companies.