Altaris Capital Partners, LLC completed the acquisition of IntriCon Corporation from Gabelli Funds, LLC, Beryl Capital Management LLC, Royce & Associates, LP and others.
The transaction is subject to customary closing conditions, including approval by IntriCon shareholders, expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and receipt of regulatory approvals. IntriCon's Board of Directors has unanimously approved the merger agreement and recommends shareholders to vote in favor of the transaction. Board of Altaris approved the deal. The special meeting of Intricon shareholders will be held on May 24, 2022 to approve the transaction. The transaction is expected to close in the second quarter of 2022. Piper Sandler & Co. is serving as exclusive financial advisor to IntriCon and provided fairness opinion to Committee of IntriCon while Yelena Barychev and Frank Dehel of Blank Rome is acting as legal counsels. Jason L. Zgliniec and Steve E. Isaacs of Schiff Hardin LLP and Linklaters LLP are acting as legal counsels to Altaris. D.F. King & Co., Inc. is the proxy solicitation agent of Altaris Capital for a fee of approximately $12,500. Piper Sandler & Co.will receive a fee, currently estimated to be approximately $4.3 million, from Altaris Capital, which is contingent upon the consummation of the Merger, except for $500,000 of such fee which will be paid to Piper Sandler for rendering its fairness opinion and is creditable against the total fee.
Altaris Capital Partners, LLC completed the acquisition of IntriCon Corporation (NasdaqGM:IIN) from Gabelli Funds, LLC, Beryl Capital Management LLC, Royce & Associates, LP and others on May 24, 2022. Intricon Corporation shareholders has approved the transaction.