C&D Technologies, Inc. announced that it had received a non-binding proposal for a going private transaction from affiliates of Angelo, Gordon & Co., LP, the holder of approximately 65% of the company’s common stock, at $9.50 per share in cash.
The board of directors expects to form a special committee of independent directors to consider the proposal. The committee would retain independent financial advisors and legal counsel to assist it in its work. The company cautions its shareholders and others considering trading in its securities that it has only received a non-binding proposal and it has not yet been evaluated. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.