Ceco environmental announces expiration of tender offer period for outstanding shares of profire energy

Addison, texas, jan. 02, 2025 (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, today announced the successful completion of the previously announced tender offer (the “offer”) to acquire all of the issued and outstanding shares (the “shares”) of profire energy, inc. (nasdaq: pfie) (“pfie” or the “company”) at a price per share of $2.55, in cash, without interest and less applicable withholding taxes, by ceco's wholly owned subsidiary, combustion merger sub, inc. (“purchaser”). the offer expired at one minute after 11:59 p.m. new york city time on december 31, 2024 (the “expiration time”). the offer was made pursuant to the agreement and plan of merger (the “merger agreement”) executed on october 28, 2024 and announced by ceco and pfie on october 29, 2024, pursuant to which purchaser agreed to acquire pfie in a transaction valued at approximately $125 million.
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