Long time radar detector rivals ESCORT and Cobra Electronics may soon be sister companies, both owned by Monomoy Capital Partners.
Monomoy, which owns ESCORT, purchased Cobra Thursday under a definitive merger agreement where Monomoy gets all of the outstanding common shares of Cobra Electronics at $4.30 per share.
Jim Bazet, Chairman and Chief Executive Officer of Cobra Electronics said, “We are excited to work with Monomoy as this transaction marks the next stage in the evolution of the Cobra brand.”
Directors and officers of Cobra Electronics hold about 2.6% of Cobra Electronics’ outstanding shares of common stock, and will tender their shares in the offer.
“We are thrilled to add Cobra’s market leading products to the Monomoy portfolio,” said Justin Hillenbrand, Co-CEO of Monomoy. “We look forward to working with Cobra’s team members, suppliers and customers for many years to come.”
Monomoy Capital Partners, purchased ESCORT in October of last year.
See the full press statement here: http://finance.yahoo.com/news/monomoy-capital-partners-acquire-cobra-120000491.html
Source: Cobra Electronics
