Friday, February 18, 2011

Vigor Completes Purchase of Todd Shipyards

Oregon-based Vigor Industries on Tuesday completed the $130 million purchase of Seattle's Todd Pacific Shipyards.

Based on a final tender offer made in January, 88 percent of Todd shares were tendered by shareholders. Vigor was offering $22.27 per share under the tender offer.

The Todd board of directors unanimously approved the Vigor agreement in December 2010.
In January, Vigor obtained antitrust approval from the federal government to move forward with the Todd purchase.

With the completion of the sale, Todd Pacific Shipyards Corporation becomes a wholly owned subsidiary of Vigor Industrial and will become Vigor Shipyards, Inc., with Vigor President Frank Foti as its CEO and Todd CEO Steve Welch as its President.