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.