Hartland-based
Fathom Digital Manufacturing has accepted a proposal from Chicago-based
CORE Industrial Partners that will allow CORE to purchase all outstanding shares of Fathom’s class A and class B common stock.
CORE already owns 62.8% of Fathom’s shares, so acquiring the outstanding shares means Fathom would once again become a privately held company. Fathom’s stock will be delisted from the New York Stock Exchange if the plan receives final approval from stockholders.
CORE plans to purchase the outstanding shares at a higher price point than initially offered. Last November, CORE
issued an offer to purchase Fathom’s class A and class B common stock for $4.50 cash per share. CORE now plans to buy the shares at $4.75 per share. A special committee approved the proposal from CORE.
"A special committee of the board of directors of the company consisting only of independent and disinterested directors of the company has unanimously determined that the merger agreement and the merger, on the terms and subject to the conditions set forth therein, are fair to, advisable, and in the best interests of the company and the company’s stockholders," according to a 8-K filing made by Fathom.
The legacy of Fathom includes Hartland-based Midwest Composite Technologies, which was acquired by CORE Industrial Partners in 2018. Following the acquisition, MCT completed several acquisitions and mergers, including with Oakland-based Fathom in 2019.
In 2020, the two companies along with ICOMold and GPI Prototype united under the Fathom brand. CORE also remained the majority owner of the company. At the end of 2021, Fathom
became a publicly traded company.
Fathom will now submit the planned merger to company stockholders for their consideration. The company will file a proxy statement with the Securities and Exchange Commission to schedule a special meeting, during which stockholders can approve the plan.
