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Wescast Industries (WCS.A-T) said on Tuesday it agreed to be bought for about $13.60 a share by China's Sichuan Bohong Industry Co, a deal valuing the Canadian auto parts maker at about $180 million.
Wescast, the world's leading supplier of cast iron exhaust manifolds for passenger cars and light trucks, said Bohong had already completed due diligence and has made a $2 million deposit as a sign of good faith as it seeks financing.
To complete the acquisition Bohong needs to secure committed financing from the China Development Bank. A memorandum of understanding between the companies gives Bohong exclusivity until December 30 and that period can be extended upon payments of subsequent deposits.
Brantford, Ontario-based Wescast supplies the car and light-trucks markets in North America, Europe, Asia, Africa, South America and Australia.
"Bohong intends to build on Wescast's long history and believes that this acquisition would assist Bohong and China's automobile industry to reach a new platform in servicing global customers," Bohong Chief Executive Dong Ping said in written statement.
Wescast has some 5.86 million Class A subordinate voting shares and 7.38 million Class B common shares outstanding.