ROYAL OAK, Mich., Feb. 8, 2013 /PRNewswire/ -- Bonal
International, Inc. (OTC: BONL) announced Friday that its board of
directors, on February 1, 2013,
unanimously approved an agreement and plan of merger with DePierre
Management & Manufacturing, LLC and its newly formed,
wholly-owned subsidiary, DMM Acquisition Corporation.
Pursuant to the agreement and plan of merger, DiPierre Management
& Manufacturing will acquire 100% ownership of Bonal
International, Inc. In exchange, the current company
stockholders will receive $0.86 per
share for each share of company common stock owned by them.
In addition, the company's board of directors currently
contemplates a dividend will be issued to stockholders simultaneous
with the consummation of the merger. The dividend amount has
not yet been determined; because all company expenses of the merger
will have to be paid first, but the board of directors currently
contemplates the dividend will be approximately between
$0.20-0.30 per share. The agreement
and plan of merger was executed on Monday,
February 4, 2013.
Final consummation of the merger requires the approval of the
company's stockholders. The company is currently in the
process of preparing a stockholder proxy statement, which should be
mailed in the next two weeks to stockholders of record on
February 13, 2013. The
stockholder meeting is currently targeted for mid-March, 2013, with
the exact date to be set forth in the company's proxy
statement.
Separately, Thomas E. Hebel and
Paul Y. Hebel have resigned from the
board of directors of Bonal International, Inc. The company's
board of directors has also relieved Thomas
E. Hebel from his duties as acting Interim President.
Mr. Hebel remains an employee of the company, serving as the
Vice-President of Marketing. Mr A.
George Hebel III, past president and chief executive officer
and current chairman of the board of directors, has been appointed
Interim President, effective immediately.
Bonal International, Inc., through its wholly owned subsidiary,
Bonal Technologies, Inc., is the world's leading provider of
sub-harmonic vibratory stress relief and weld conditioning
technology. Headquartered in Royal
Oak, Michigan, Bonal serves the aerospace, armament,
automotive, petroleum, die casting, mining, racing, machine tool
building, mold making, ship building, and welding industries.
Bonal's patented Meta-Lax R technology is used for eliminating
thermal stress in metal parts, thereby preventing warping and
cracking, at a fraction of the time, energy, and monetary costs of
competing technologies. More information can be found at
www.Bonal.com or by calling 1-800-Meta-Lax.
SOURCE Bonal International, Inc.