plans to acquire
for about $146 million.
The companies expect to complete the deal, which requires regulatory and shareholder approvals, in the second quarter.
SPX will also assume $51 million of VSI's debt. SPX will offer shareholders of VSI, which is based in Bloomfield Hills, Mich., the option of taking all stock or a combination of cash and stock. VSI shareholders who choose the all-stock option will receive 0.043 SPX shares for each VSI share. VSI shareholders who want cash and stock will get cash for 45% of their stock and SPX shares for 55% of the stock.
SPX, which is based in Muskegon, Mich., provides industrial and technical products and vehicle components. The company's shares gained $1.35, or 1.5%, to $94.30 in recent
New York Stock Exchange
trading. VSI, a provider of customer relationship management and marketing services jumped 62 cents, or 18.2%, to $4.02 in recent
American Stock Exchange