Mitsubishi Rayon, Aldila sign merger agreement
Monday, December 10, 2012
Two of golf’s pre-eminent shaft brands may soon be one. Mitsubishi Rayon America and Aldila announced Dec. 4 that the companies have signed a merger agreement.
A strategic review by publicly-traded Aldila, maker of popular shafts named the Voodoo, RIP and NV, concluded that a sale of the company was in the best interests of its stockholders. Under terms of the agreement revealed in a press release, Aldila stockholders will receive $4 per share, representing a total price of approximately $22 million for Aldila’s common shares and a premium of 60 percent above its share price of $2.50 at the close of trading on Dec. 3. The Aldila board of directors unanimously approved Mitsubishi Rayon’s offer, which is subject to shareholder approval Dec. 27.
Mitsubishi Rayon is the maker of Diamana, Fubuki and Bassara microbrands, among others, and led the PGA Tour in driver-shaft wins in 2012. If the deal goes through, Aldila will continue as the surviving corporation.