Todd Pacific Shipyards Acquired

Todd Pacific Shipyards, the iconic shipyard serving Seattle since 1916, has been acquired by Vigor Industrial, a Portland-based company in exchange for nearly $130 million.  Todd Shipyards, located in the West Seattle area, was founded by William Todd and is a full-service company from ship construction to conversion and repair.  Todd Shipyard’s has worked on everything from Washington Ferries to U.S. Navy vessels.  Last week, Todd Shipyard’s market share rose to a high of $21.25 and the purchase price breaks down to $22.27 a share.  Although the company’s management and contracts will not change, officers and directors with stock percentages will tender their shares.  The acquirement includes Vigor’s commitment to refinance existing debt and buy outstanding shares.