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Stella-Jones lays groundwork to acquire Burke-Parsons-Bowlby


Stella-Jones Inc. recently entered into a letter of intent to acquire Burke-Parsons-Bowlby Corp. (BPB) for $33 million.

The parties plan to structure the acquisition as a merger between a U.S.-based Stella-Jones subsidiary and BPB. Under terms of the letter, each outstanding share of BPB common stock would be converted into a right to receive $47.78 per share in cash, subject to certain adjustments.

The parties plan to close the transaction in April pending customary conditions, including a definitive merger agreement and BPB shareholders' approval.

Formed in 1955, BPB produces treated wood products, primarily for the railroad industry. The company owns and operates wood treating plants in DuBois, Pa.; Goshen, Va.; Spencer, W.Va.; and Stanton and Fulton, Ky. Stella-Jones produces industrial treated wood products, including pressure-treated crossties, and poles for electrical utilities and telecommunications companies.

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More News from 1/8/2008