ATC Technology Corp., the parent company of ATC Logistics and Electronics, said it has entered into a definitive agreement to be acquired by GENCO Distribution System Inc. However, under the merger agreement, ATC and its advisors are permitted and said they intend to actively solicit alternative acquisition proposals from third parties until Aug. 17.
GENCO is a privately held third-party provider of logistics services for retailers, manufacturers and U.S. government agencies, and will acquire ATC in an all-cash merger valued at $512.6m.
The companies said their boards of directors have unanimously approved the deal, under which each outstanding share of ATC will be converted into the right to receive $25 in cash.
