P&F Industries To Be Acquired By ShoreView Industries For $13/share

(RTTNews) - P&F Industries, Inc. (PFIN), manufacturer of pneumatic hand tools, announced on Friday that it has agreed to be acquired by ShoreView Industries for $13.00 per share in an all-cash transaction.

The purchase price reflects around 97 percent premium to the closing stock price of P&F's stock price on October 12, the last trading day prior to announcing this transaction.

The transaction will be funded by a combination of cash from ShoreView Capital Partners IV, LP, and committed financing that is not subjected to any contingency.

"Mr. Horowitz, Chairman and CEO of P&F Industries, represents 45.2% of the Company's outstanding shares, has entered into an agreement pursuant to which he has agreed to vote in favor of the transaction," the company said in a statement.

The deal is expected to close in the fourth quarter.

On Thursday, P&F shares closed at $6.78 up 4.15% on Nasdaq.