MEMPHIS, Tenn. (AP) — Electrical components maker Thomas & Betts Corp. said Monday it has regulatory approval for the company's proposed acquisition of Cleveland-based Lamson & Sessions.
Thomas & Betts said the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired without action by the Federal Trade Commission or the Department of Justice.
The deal is expected to close during the fourth quarter.
Lamson & Sessions shareholders are scheduled to vote on the deal Oct. 24.
The all-cash acquisition, announced in August, is valued at about $426.6 million based on the $27 per share purchase price and 15.8 million shares outstanding. The two sides valued the transaction at $450 million.
Lamson and Sessions supplies products including electrical boxes and industrial PVC pipe.
Thomas & Betts shares rose 32 cents to at $58.96, and Lamson & Sessions shares gained 10 cents at $27.06 in morning trading.
