Altra accepts 95% of TB Wood's stock in $24.80-per-share tender offer

By Lisa Kerner

Charlotte, N.C., April 3 - Altra Holdings, Inc. said 3,591,854 shares, or 95%, of TB Wood's Corp.'s common stock were validly tendered in the $24.80-per-share cash tender offer that expired on Monday.

All remaining outstanding and untendered shares of TB Wood's common stock will be converted into the right to receive the same $24.80 cash price per share paid in the tender offer, according to a company news release.

Altra announced a definitive agreement to acquire TB Wood's stock on Feb. 20.

TB Wood's, based in Chambersburg, Pa., manufactures electronic and mechanical industrial power transmission products.

Altra produces electromechanical power transmission products in Quincy, Mass.

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