Alchemy Beverages Signs $7M Tender Offer, Bringing Combined EGS Deal to $42M
CVAT sits 89% above its 52-week low of $0.022.
Summary
Alchemy Beverages, in which Cavitation Technologies holds a 17% stake, has executed a definitive tender offer agreement with European Guarantee Services for $7 million in cash. This follows the August 17 agreement for EGS to acquire Cavitation Technologies itself for $35 million, bringing the aggregate cash consideration for the two transactions to $42 million. The consummation of each offer is conditioned on the other, linking the two deals. For CVAT shareholders, this confirms the broader transaction structure and adds clarity on the value of its Alchemy stake. The tender offers are expected to commence within ten business days.
At the time of this announcement, CVAT was trading at $0.04 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $12.7M. The 52-week trading range was $0.02 to $0.11. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.