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CoorsTek rejects $246M bid.
Byline: Olaf de Senerpont Domis in San Francisco
CoorsTek Inc. on Monday, Nov. 25, rejected a $246 million buyout offer for the chip equipment component maker from a group of family trusts affiliated with brewing giant Adolph Coors Co.
A committee of six independent CoorsTek directors said the $21 per share bid, which the Coors trusts made Nov. 11, is "financially inadequate."
Golden, Colo.-based CoorsTek, which has hired Banc of America Securities LLC managing director Brad Sacks for financial advice, said the offer would represent an adequate financial payoff to the Coors family trusts, which own about 30% of the company. For other shareholders, …
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