Ceco environmental announces commencement of the tender offer for all outstanding shares of profire energy

Addison, texas, dec. 03, 2024 (globe newswire) -- ceco environmental corp. (nasdaq: ceco) (together with its consolidated subsidiaries and affiliates, “ceco”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, announced today that its affiliate, combustion merger sub, inc. (“purchaser”), commenced the previously announced cash tender offer for all of the issued and outstanding shares of common stock of profire energy, inc. (nasdaq: pfie) (“pfie” or the “company”) at a price of $2.55 per share, net to the seller, in cash, without interest and less applicable withholding taxes. the tender offer is being made pursuant to the merger agreement (the “merger agreement”) executed on october 28, 2024 and announced by ceco and pfie on october 29, 2024, under which purchaser agreed to acquire pfie in a transaction valued at approximately $125 million. purchaser is a wholly owned subsidiary of ceco.
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