Colfax to ask stockholders to approve Charter measures

CHARTER International suitor Colfax Corporation is to urge its stockholders to approve the issue of shares and the restatement of its Certificate of Incorporation in connection with its bid to acquire the gas and welding group.

The US firm has organised a special meeting of stockholders on January 5 where stockholders will be urged to ratify the measures agreed by Colfax.

Colfax’s offer values Charter at approximately £1.528bn, equal to 910p per share.

In an interim management statement today, Charter’s board said it unanimously recommended that shareholders vote in favour of the offer.

Melrose, which had been the front runner to acquire the group, pulled out of the running when Colfax increased its offer in October.

Charter has a base in the Black Country through its Hodwen operation.