Servotronics executes amendment to agreement and plan of merger with TransDigm

Servotronics (SVT) and TransDigm (TDG) have amended the terms of the Agreement and Plan of Merger under which a subsidiary of TransDigm will commence a tender offer to acquire all of the outstanding shares of Servotronics. Pursuant to the amendment, the tender offer price has been increased to $47.00 per share in cash for all of the issued and outstanding common shares of Servotronics. The merger agreement was amended after Servotronics notified TransDigm, pursuant to the terms of the merger agreement, that the company received an unsolicited acquisition proposal from a third party. In connection with the amendment, the company’s board determined that this third-party acquisition proposal does not constitute a superior proposal under the merger agreement, as amended.