BLUE BELL, Pa., Jan. 13,
2012 /PRNewswire/ -- C&D Technologies, Inc. (OTC: CHHP)
today announced that effective on January
13, 2012 and pursuant to the previously announced Agreement
and Plan of Merger, dated as of October 3,
2011, by and among C&D and certain affiliates of Angelo,
Gordon & Co., Angel Acquisition Corp. was merged with and into
C&D, with C&D continuing as the surviving
corporation. As a result of the merger, each share of C&D
common stock not owned by Angelo, Gordon & Co. or its
affiliates was cancelled and automatically converted into the right
to receive $9.75 in cash and C&D
is now a wholly owned subsidiary of Angel Holdings LLC, an
affiliate of Angelo, Gordon & Co. C&D's common stock
will no longer be publicly traded on the over the counter
market.
About C&D Technologies, Inc.
C&D is a leading manufacturer, marketer and distributor of
electrical power storage systems for the standby power storage
market. C&D primarily manufactures and markets integrated
reserve power systems and components for the standby power market,
which includes telecommunications, uninterruptible power supply
cable services and utilities and renewable energies. Integrated
reserve power systems monitor and regulate electric power flow and
provide backup power in the event of a primary power loss or
interruption. C&D also produces the individual components of
these systems including reserve batteries, power rectifiers, system
monitors, power boards and chargers. Major applications of these
products include wireless and wireline telephone infrastructure,
cable television signal powering, corporate data center powering,
computer network backup for use during power outages and renewable
energy integration. C&D markets its products through
independent manufacturer's representatives, national and global
distributors, specialty resellers and its own sales personnel to
end users and original equipment manufacturers.
SOURCE C&D Technologies, Inc.