Chinese TakeoutTORONTO, ONTARIO, Apr 20, 2011 (MARKETWIRE via COMTEX News Network) --
MagIndustries Corp. (TSX: MAA)("MagIndustries" or the "Company") announced today that it has entered into a definitive agreement (the "Support Agreement") pursuant to which Evergreen Industries Group ("Evergreen"), a diversified industrial company based in Shanghai, China, has agreed, subject to the terms of the Support Agreement, to make an offer to acquire all the outstanding MagIndustries common shares by way of a friendly take-over bid (the "Offer") for C
.25 per share in cash, valuing the Company's equity at approximately C$115 million. The Offer represents a premium of approximately 64% to MagIndustries's 20-day volume weighted average trading price of
.15 on the Toronto Stock Exchange (the "TSX") for the period ending on April 19, 2011.