ROYAL OAK -- Shareholders of Bonal International Inc. (OTC: BONL) in a special meeting Tuesday rejected a buyout offer that was below the company's current market price.
The buyout offer came from DePierre Management & Manufacturing LLC and DMM Acquisition Corp., also of Royal Oak.
The offer was for 86 cents a share. Bonal stock, which is thinly traded on the pink-sheet market for small companies, closed Monday at $1.10 a share, unchanged, with only 400 shares changing hands during the day.
The company didn't provide details on the margin of the vote to reject the buyout offer. But the company did say that the merger plan "has terminated," and the buyer and the company have "terminated negotiations."
Bonal stock briefly hit $10 a share in June. The company has just 15 employees and 1.66 million shares of stock outstanding.
Bonal provides three lines of equipment -- Meta-Lax Stress Relief and Weld Conditioning, Pulse Puddle Arc Welding, and Black Magic Distortion Control, which are sold in the United States and more than 50 countries worldwide. Bonal serves the aerospace, armament, automotive, petroleum, die casting, mining, racing, machine tool building, mold making, ship building, and welding industries. Bonal's patented Meta-Lax technology is used for eliminating thermal stress in metal parts, preventing warping and cracking, at a fraction of the time, energy, and monetary costs of competing technologies.
More information can be found at www.Bonal.com or by calling 1-800-Meta-Lax.
for more features.