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Computer Network Technology Corp. said Monday, April 7, it will acquire Inrange Technologies Corp. for $190 million in cash from SPX Corp., which owns the storage switch maker.
CNT's $2.31 per share offer values Inrange stock at a 6.5% premium to the company's closing share price Friday. Terms call for SPX to sell its 91% stake in Inrange to CNT, which plans to acquire the remaining shares at the same price immediately following the acquisition.
The boards of directors of CNT and SPX have unanimously approved the agreement. The companies expect to close the transaction in the second quarter.
SPX, a Charlotte, N.C., industrial conglomerate with interest in fire detection, television and radio antennae and life...