Technology Research Corp. (NASDAQ:TRCI) shares soared up this morning nearly 40%. TRCI is currently trading at $7.12 with over 400 thousand shares traded so far. This is well above its daily average of 42 thousand shares.
This rise occurs in conjunction with a buyout agreement between Technology Research Corp. and Coleman Cable. While Technology Research Corp is valued at roughly $34 million, Coleman Cable (NASDAQ:CCIX) agreed to buy all outstanding shares for about $7.20 a share which is a 40% premium over the previous close.
Raymond Malpocher, TRC’s lead independent Director stated, “We are excited to have TRC join a long-standing partner and industry leader. This merger will allow TRC to leverage its technology in power management and power storage with Coleman’s broad marketing and distribution capabilities, enhancing the growth prospects of the entire enterprise. This merger represents an excellent opportunity for our shareholders, customers, and employees.”
About Technology Research Corp.
Technology Research Corporation engages in the manufacture and sale of power management and control, intelligent battery systems technology, and electrical safety products to the consumer, commercial, and industrial markets in the United States.