EnerSys announced it has entered into a definitive merger agreement to acquire Ultralife Corporation. The acquisition will be executed through a two-step transaction, beginning with an all-cash tender offer to purchase all outstanding shares of Ultralife common stock for $16.00 per share, followed by a merger where remaining shares will be converted into the same cash consideration.
Key Details
- Transaction Terms: EnerSys will acquire all outstanding shares of Ultralife for $16.00 per share in cash. The deal is not subject to a financing condition.
- Structure & Timeline: The transaction will commence with a tender offer within 10 business days from the agreement date of October 27, 2026. The agreement has an outside date of April 27, 2027, subject to extensions.
- Shareholder Support: Stockholders representing approximately 40.3% of Ultralife's outstanding shares have entered into a Tender and Support Agreement, committing to tender their shares in the offer.
- Termination Fee: The agreement includes reciprocal termination fees of $10.3 million, payable by either Ultralife or EnerSys under specific circumstances outlined in the agreement.