m_and_a
confidence high
sentiment neutral
materiality 1.00
Chart Industries merges with Flowserve in all-stock deal; Chart shareholders get 3.165 FLS shares per GTLS share
CHART INDUSTRIES INC
- Exchange ratio: 1 Chart share = 3.165 Flowserve shares; Chart preferred converts into Flowserve preferred with same terms.
- Combined company headquartered in Dallas; Scott Rowe (Flowserve CEO) to be CEO, Jillian Evanko non-executive chair.
- Board of 12 members: 6 from Chart, 6 from Flowserve; John Garrison named lead independent director.
- Termination fees: Chart pays $250M, Flowserve pays $215M in cash under specified circumstances.
- Conditions include antitrust clearance, stockholder approvals, and no regulatory restraints; outside date is one year.
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