• ITVI.USA
    12,899.700
    27.330
    0.2%
  • OTRI.USA
    16.060
    0.720
    4.7%
  • OTVI.USA
    12,881.580
    20.610
    0.2%
  • TLT.USA
    2.750
    0.100
    3.8%
  • TSTOPVRPM.ATLPHL
    2.520
    0.160
    6.8%
  • TSTOPVRPM.CHIATL
    1.860
    0.020
    1.1%
  • TSTOPVRPM.DALLAX
    1.310
    0.140
    12%
  • TSTOPVRPM.LAXDAL
    2.260
    0.100
    4.6%
  • TSTOPVRPM.PHLCHI
    1.260
    0.040
    3.3%
  • TSTOPVRPM.LAXSEA
    2.730
    0.150
    5.8%
  • WAIT.USA
    103.000
    -17.000
    -14.2%
  • ITVI.USA
    12,899.700
    27.330
    0.2%
  • OTRI.USA
    16.060
    0.720
    4.7%
  • OTVI.USA
    12,881.580
    20.610
    0.2%
  • TLT.USA
    2.750
    0.100
    3.8%
  • TSTOPVRPM.ATLPHL
    2.520
    0.160
    6.8%
  • TSTOPVRPM.CHIATL
    1.860
    0.020
    1.1%
  • TSTOPVRPM.DALLAX
    1.310
    0.140
    12%
  • TSTOPVRPM.LAXDAL
    2.260
    0.100
    4.6%
  • TSTOPVRPM.PHLCHI
    1.260
    0.040
    3.3%
  • TSTOPVRPM.LAXSEA
    2.730
    0.150
    5.8%
  • WAIT.USA
    103.000
    -17.000
    -14.2%
American Shipper

Genco to acquire ATC

Genco to acquire ATC

      ATC Technology Corp., the parent company of ATC Logistics and Electronics, said it has entered into a definitive agreement to be acquired by GENCO Distribution System Inc.

      However, under the merger agreement, ATC and its advisors are permitted and said they intend to actively solicit alternative acquisition proposals from third parties until Aug. 17.

      GENCO is a privately held third-party provider of logistics services for retailers, manufacturers and U.S. government agencies, and will acquire ATC in an all-cash merger valued at $512.6 million.

      The companies said their boards of directors have unanimously approved the deal, under which each outstanding share of ATC will be converted into the right to receive $25 in cash. They said this is a 43 percent premium over ATC's closing price on Friday.

      “GENCO is a leading logistics provider in North America. ATC's customers, shareholders and employees will be well served through this transformational merger,” said Todd R. Peters, president and chief executive officer of ATC.

      ATC says its principal customers are in the wireless carrier, wireless original equipment manufacturer, consumer electronics and automotive industries and include AT&T and TomTom. Logistics accounted for about 71 percent of its sales in 2009. Its other major business is remanufacturing automotive drive trains. (For more about ATC, read 'Switching into high gear' in the November American Shipper.)

      GENCO is headquartered in Pittsburgh. The privately held company provides contract logistics, reverse logistics, product liquidation, pharmaceutical logistics, and services for manufacturers, retailers and U.S. government agencies. ' Chris Dupin

Show More
Close