J.G. Durand Industries, S.A., the parent company of Verrerie Cristallerie d’Arques, and Mikasa, Inc. have entered into a definitive merger agreement. Under the terms of the merger agreement, Mikasa’s public stockholders will receive $16.50 per share in cash. Mikasa executives Alfred J. Blake, chairman; Raymond B. Dingman, president and CEO; Anthony F. Santarelli, executive vice president; and George T. Aratani, chairman emeritus and the company’s founder, will retain a substantial investment in Mikasa.

Following completion of the transaction, it is expected that Mikasa will be operated as a stand-alone subsidiary and will return to being a privately held company. Senior members of Mikasa management, including Blake, Dingman and Santarelli, will continue with Mikasa in their current roles. Completion of the transaction is subject to customary closing conditions, including stockholder approval and receipt of regulatory and other approvals. The transaction is not subject to any financing contingency.