New Britain, CT – Toolmaker Stanley Works will acquire Black & Decker in a deal valued at about $3.43 billion. The deal will create an $8.4 billion company.
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Under the terms of the acquisition, announced after the closing bell Monday, Black & Decker shareholders will receive 1.275 Stanley shares for each Black & Decker share they own.
At the close of Monday trading, Stanley’s stock price stood at $45.15, putting a value on each Black & Decker share of about $57.57. Black & Decker has about 59.5 million shares outstanding.
The companies said the deal represents a 22.1% premium to Black & Decker’s closing stock price Friday.
Black & Decker makes some of the most well-known names in tools and hardware, such as DeWalt drills, Kwikset locks and Price Pfister faucets. Its roots go back to 1910. The company employs about 22,000 people worldwide, and 1,430 locally.
black and decker makes garbage tools
Every time this happens thousands of Americans lose their jobs. This is bad news.