Ingram Micro To Be Acquired By Tianjin Tianhai For $38.90 Per Share

Ingram Micro Inc. (NYSE: IM) announced on Wednesday that it has agreed to be acquired by Tianjin Tianhai for $38.90 per share in an all-cash transaction which values the company at around $6 billion.

Shares of Ingram Micro surged higher by more than 22 percent on Thursday and hit a new 52-week high of $36.39 and remained trading at a discount to the buyout offer. Nevertheless, the offer represents a premium of approximately 39 percent over the average closing share price of Ingram Micro for the 30 trading days ended February 16, 2016.

Ingram Micro will operate as a subsidiary of Tianjin Tianhai consolidated under HNA Group, the largest stockholder of Tianjin Tianhai. The company's headquarters will remain in California and its management team will stay in place.

The transaction has been approved by the Board of Directors of both companies but remains subject to regulatory approvals.

Alain Monié, Ingram Micro CEO, said, "Our agreement to join HNA Group delivers near-term and compelling cash value to our stockholders and we expect it to provide exciting new opportunities for our vendors, customers and associates. Innovation, new services introduction, brand management and ensuring the stability and continuity of the businesses joining their enterprise are fundamental to HNA Group's overall strategy. As a part of HNA Group, we will have the ability to accelerate strategic investment, as we continue to capitalize on the constant evolution of technology and emerging trends by adding expertise, capabilities and geographic reach. Additionally, Ingram Micro will now be part of a larger organization that has complementary logistics capabilities and a strong presence in China that can further support the growth and profitability objectives of our vendor and customer partners."