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Wieland Group, Global Brass And Copper Announce Merger

Mary Meldrum

Global Brass and Copper Holdings Inc (NYSE: BRSS) and German copper products manufacturer Wieland Group announced a merger deal Wednesday. 

What Happened

Wieland will acquire all of the outstanding shares of Global Brass and Copper in an all-cash transaction, according to the press release.

GBC shareholders will receive $44 per share in cash, representing a 27-premium premium to the company's Tuesday closing price.

Why It's Important

Wieland is a nearly 200-year-old, family-owned company in the brass and copper industry headquartered in Ulm, Germany. 

The transaction brings together two highly complementary companies with diverse product offerings across copper and copper alloy strip and sheet, rod, foil, wire, tube and fabricated components, the companies said.

"The combination of these two complementary leaders will allow us to more efficiently serve our customers now and well into the future," GBC President and CEO John Wasz said in a statement. 

"Equally as important, our collective dedication to safety, R&D, innovation and value creation will benefit our customers and create unique opportunities for the new organization." 

What's Next

The transaction is expected to close in the second half of 2019 and is subject to certain required regulatory approvals.

Global Brass and Copper shares were rallying by 25.38 percent to $43.37 at the time of publication Wednesday. 

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