DOWNERS GROVE, Ill. (AP) -- After spending 30 days exploring various options, ATC Technology Corp. said Wednesday it's decided its planned acquisition by Genco Distribution System Inc. is the best deal available.
The Downers Grove, Ill., engineering and supply chain logistics firm said a "go-shop" period in which it was allowed to seek alternatives to the takeover by Genco expired Tuesday night. ATC's financial adviser, Robert W. Baird & Co. Inc., contacted more than 100 potential buyers but found none with whom to continue merger discussions.
ATC last month agreed to be acquired by privately held Genco for $512.6 million in cash. The deal calls for ATC shareholders to get $25 per outstanding share, which represented a 43 percent premium to the company's closing stock price before the offer was announced.
ATC will become a unit of Genco, a logistics services company based in Pittsburgh.
Boards of both companies have approved the acquisition. ATC expects the deal to close in the fourth quarter.
Shares of ATC rose 5 cents to $24.13 in morning trading.