The deal has been approved by the board of directors of both companies. Under the agreement, Milacron stockholders will receive $11.80 in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they own.
Milacron manufactures, distributes, and services engineered and customized systems in the approximately $30 billion plastics technology and processing industry.
Milacron's stock traded higher by 21% to $16.39 in Friday's pre-market session.
Hillenbrand shares were trading down 11.2% at $34.50. The stock has a 52-week high of $53.41 and a 52-week low of $36.22.
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Photo courtesy of Milacron.
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