SKF Absorbs Bearing Co. For $1.3B, Boosts US Footprint

Law360, New York (September 5, 2013, 1:19 PM EDT) -- Swedish auto parts giant SKF AB, one of the global market leaders in bearings and mechatronics, has agreed to buy Michigan-based bearing manufacturer Kaydon Corp. for $1.25 billion in cash, the companies announced Thursday.

SKF will pay Kaydon shareholders $35.50 per common share, a 22 percent premium to the stock's closing price on the New York Stock Exchange on Wednesday. The deal includes the assumption of about $95 million in Kaydon debt, SKF said.

"We have followed the development of Kaydon for a long time," SKF...
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