Tufco Technologies to be acquired by Griffin Holdings
By Tim Wright
Contract wet wipes converter Tufco Technologies, Inc. has agreed to be taken over by Griffin Holdings, LLC. Griffin will acquire Tufco for $6.07 per share in cash, representing a purchase price of about $26 million. The price per share represents a premium of 19% over the closing share price on December 20, 2013. Tufco’s board unanimously approved the transaction. Bradford Venture Partners, L.P., Tufco's largest stockholder, has agreed to tender its 14.9% of the company.