Building materials manufacturer and wholesaler Emco Ltd. has agreed to be bought out for roughly $285-million and taken private by a closely held Delaware investment firm Blackfriars Corp., which is said to own other building material businesses. London, Ont.-based Emco had been looking for a buyer since last July in order to raise its share price, given its recently strong profits. The numbered company 2022841 Ontario Inc., which is wholly owned by Blackfriars, plans to purchase all Emco shares for $16.60 each. They closed up $1.72 at $16.47 yesterday on the Toronto Stock Exchange.
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