Zareba Systems Inc (NASDAQ: ZRBA) shares have risen by 93.34% to $8.72 in early morning trade. The electronic perimeter fence company has agreed to merge with Woodstream Corp, which is owned by private equity firms Brockway Moran & Partners Inc and Code Hennessy & Simmons LLC.
Under the terms of the agreement, ZRBA's shareholders will receive $9 in cash for each share held by them. After the merger of a newly-formed subsidiary of Woodstream and ZRBA is complete, Zareba will become a wholly-owned subsidiary of Woodstream.
The merger, which is subject to the approval by ZRBA’s shareholders and other customary closing conditions, is expected to be completed in the first half of 2010.
