Standex International Corporation cancelled the acquisition of Torotel, Inc..
The transaction is subject to customary closing conditions, regulatory approvals, the approval of two-thirds of Torotel shareholders as well as third party approvals. Special Committee of the Board of Torotel consists of Barry Hendrix, Anthony Lewis and Scott Still. The Board of Torotel and Standex unanimously approve the deal. The transaction is expected to close in the first calendar quarter of 2020. As of December 12, 2019, the transaction is expected to close in Torotel's fourth fiscal quarter ending April 30, 2020. Standex expects the acquisition to be slightly accretive to its earnings in its first year of ownership excluding one-time purchase accounting and transaction costs. Benjamin G. Lombard of Reinhart Boerner Van Deuren s.c. acted as legal advisor to Standex. Edward Wilson of Husch Blackwell LLP acted as legal advisor and Philpott Ball & Werner, LLC acted as financial advisor and fairness opinion provider to Torotel. Torotel paid Philpott Ball & Werner a fee of approximately $200,000 upon delivery of the opinion and fee of $868,490 for advisory service upon the successful completion of the transaction. Computershare, Inc. acted as transfer agent to Torotel.
Standex International Corporation (NYSE:SXI) cancelled the acquisition of Torotel, Inc. (OTCPK:TTLO) on April 1, 2020. The transaction was cancelled as the necessary conditions to complete the transaction were not met by the contractual end date of March 31, 2020.