Collins Industries Inc. said Thursday it will be purchased by Steel Partners II, L.P., a private investment partnership based in New York, for about $110 million, including debt.
Under the terms of the agreement, Collins shareholders will receive $12.50 in cash for each share of Collins common stock they hold.
The Board of Directors of Collins has unanimously approved the merger agreement and is recommending that Collins' shareholders approve the merger.
The transaction should be completed by the fourth calendar quarter of 2006. Completion of the transaction is not subject to a financing contingency.
Collins is a specialty truck manufacturer