Hillenbrand, a global diversified industrial company, offered to acquire Milacron Holdings, a global leader in the manufacture, distribution, and service of highly engineered and customized systems within the plastic technology and processing industry, for $2bn. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Milacron stockholders will receive $11.80 in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they own. Based on Hillenbrand's closing stock price on July 11, 2019, the last trading day prior to the announcement, the implied cash and stock consideration to be received by Milacron stockholders is $18.07 per share, representing a premium of approximately 34% to Milacron's closing stock price on July 11, 2019. Joe Raver, President and Chief Executive Officer of Hillenbrand, said, "This transaction meaningfully transforms our portfolio and product offering by adding Milacron's leading technology solutions and sizable installed customer base to help us drive long-term growth. Milacron aligns with our profitable growth strategy and acquisition framework and we expect the additional capabilities from its high-performing segments to accelerate free cash flow generation and improve margins across the business. I have great respect for Milacron's talented employees and look forward to welcoming them to Hillenbrand as we embark on this next step in our strategy and create enhanced value for our shareholders, customers, employees, and communities."