Lamson & Sessions shareholders OK Thomas & Betts merger deal

By Lisa Kerner

Charlotte, N.C., Oct. 24 - Lamson & Sessions Co. said of the 77% of its outstanding shares voted, 99.5% were voted in favor of its merger agreement with Thomas & Betts Corp.

The $450 million transaction, slated to close on Nov. 5, gives Lamson & Sessions stockholders $27 cash per share.

"We are pleased that the agreement has gained the overwhelming support of our shareholders, which reflects the value they see in this transaction," president and chief executive officer Michael J. Merriman Jr. said in a company news release.

"Our agreement with Thomas & Betts was the result of our board's six-month comprehensive evaluation of the strategic options available to our company. The merger not only provides excellent value for our shareholders, but also an opportunity to maximize the long-term growth prospects of Lamson & Sessions as an integral part of Thomas & Betts."

Thomas & Betts is a Memphis manufacturer of electrical components used in construction, industrial and utility markets.

Lamson & Sessions, based in Cleveland, produces thermoplastic enclosures, fittings, wiring outlet boxes and conduits for the electrical, telecommunications, power and wastewater markets.

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