Anaheim circuit board maker Multi-Fineline Electronix Inc. is awaiting a vote by shareholders of parent WBL Corp. before proceeding with plans to acquire an unwanted sister company.
The company, known as M-Flex, wants to see if WBL shareholders plan to vote in favor of M-Flex acquiring MFS Technology Ltd, a Singapore circuit board maker.
WBL owns a majority of M-Flex and MFS and has sought to combine the two. M-Flex, which makes flexible circuit boards for Mototola Inc. and others, opposes the deal.
So far, M-Flex has begrudgingly gone along with plans to acquire MFS, all the while urging minority shareholders to vote against a deal.
Now M-Flex said it plans to wait on filing a formal, updated acquisition plan with the Securities and Exchange Commission until after WBL shareholders meet later this month.
