Icynene to Acquire Lapolla Industries for $1.03 Per Share in All Cash Transaction
MISSISSAUGA, Ontario and HOUSTON —Icynene U.S. Holding Corp. and Lapolla Industries Inc. recently announced that they've entered into a definitive merger agreement under which Icynene will acquire all the outstanding shares of Lapolla. The transaction is valued at approximately $160 million, including net debt.
Under the terms of the agreement, stockholders of Lapolla will receive $1.03 in cash for each share of Lapolla that they own. The transaction was unanimously approved by Lapolla's board of directors and, following Lapolla's entry into the agreement, Lapolla stockholders holding approximately 78 percent of Lapolla's issued and outstanding voting shares executed a written consent approving the merger agreement and the transaction.