Shareholders OK Sorbent Technologies deal

Shareholders of Twinsburg-based Sorbent Technologies (Pink Sheets: SORB) have approved the company’s pending acquisition by Virginia-based specialty chemical company Albemarle Corp. (NYSE: ALB). With that approval in hand, Sorbent said it expects the transaction to close sometime on or around July 31. The two companies announced April 11 that they had reached an agreement on the transaction. In the proposed all-cash deal, Sorbent shareholders could receive about $6 per share for their stock, which Albemarle said represents an aggregate purchase price of $20 million. At the time the acquisition was announced, Sorbent was trading at about $3.65 per share. Investors, who apparently believed the deal would go through, have since driven up the price of the stock, which was trading at $5.97 per share this afternoon, up from $5.88... [read full story]