UPDATE 1-Vigor Industrial to buy Todd Shipyards for $130 mln

* Vigor to pay $22.27/shr in cash

* Deal expected to close in Q1 2011

Dec 23 (BestGrowthStock) – Todd Shipyards Corp (TOD.N: ) agreed to be
bought by privately owned Vigor Industrial LLC in a cash deal
worth $130 million.

Oregon-based Vigor Industrial, which repairs ships through
Vigor Marine LLC and Cascade General at Portland, will buy Todd
for $22.27 a share, at a premium of 6 percent to Todd’s close
of $21 on Wednesday.

Seattle-based Todd, which provides ship repair and
maintenance work to the U.S. Navy, the U.S. Coast Guard and
other government and commercial firms, said its management and
contracts will remain in place.

Todd will pay Vigor $4.55 million and Vigor will pay the
company $6.5 million in case of termination.

The deal is expected to close in the first quarter of 2011.

Todd may solicit superior proposals from third parties
through Jan. 28.
(Reporting by Soham Chatterjee in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Vigor Industrial to buy Todd Shipyards for $130 mln