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Board of East Aurora, N.Y., Electric Firm Approves Sale to Components Maker.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, October, 2000 by Robinson, David
Oct. 16--Acme Electric Corp.'s board of directors is recommending that its shareholders approve the company's $56.7 million sale to Key Components LLC, but the chief executive of the East Aurora electronics maker is opposing the merger.
Acme's board is backing the acquisition by Key Components because the offer is 29 percent higher than the company's highest stock price during the year before Acme was named in any takeover agreements, according to a filing made Friday with the Securities and Exchange Commission.
The majority of Acme's directors also said the potential increase in business from a new contract with Powerware is not guaranteed and would assume that its electronics division can become an important supplier for relatively untested...
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