CFC International

(CFCI)

, a maker of holographic and coated films, is being taken over by an affiliate of

Illinois Tool

(ITW) - Get Report

in a deal that provides its shareholders with a huge premium.

The transaction values CFC at $16.75 a share, a price that's roughly 48% above its closing price Monday. CFC has traded between $10.07 and $19.89 in the past year. Lately shares of CFC were surging $5.10, or 45%, to $16.40.

Holders of about 58% of CFC's voting common stock have said they will support the acquisition. CFC had about 4.6 million shares outstanding for the most recent first quarter, making the equity worth around $77 million. The

Associated Press

reported that the total deal was about $90 million, citing an Illinois Tool representative.

CFC formulates, manufactures and sells chemically complex, transferable, multilayer coatings for use in many diversified markets, such as holographic packaging and authentication seals, furniture and building products, pharmaceutical products and transaction cards.

Illinois Tool sells plastic and metal components and fasteners, adhesives, specialty laminate film and other products. Illinois Tool was up 15 cents at $47.58.