Raydan Manufacturing agrees to higher takeover offer from Link Suspensions

EDMONTON – Raydan Manufacturing Inc. (TSXV:RDN) says Link Suspensions of Canada Ltd. has increased its offer to buy the company.

A numbered Alberta company owned by one of its shareholders had earlier topped a bid the Edmonton-based manufacturer agreed to in late November.

Raydan said Wednesday that a numbered company owned by shareholder Bill Kocken had offered it just under $2 million in cash, or 12 cents a share.

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Link Suspensions is now offering an additional $327,059, which equates to an increased value of approximately two-cents per Raydan common share.

After examining the higher offer, the Raydan board has unanimously determined it to be a superior proposal and it has been accepted.

The deal must still be approved by at least two-thirds of Raydan shareholders.

Raydan, based in Edmonton, develops and produces specialized suspension and coupling systems for trucks, trailers and heavy equipment.