Cybex International, Medway, MA, announced today that its board of directors has authorized the company to enter into a “going private” merger agreement.

After the merger, Cybex will be wholly owned by UM Holdings Ltd., John Aglialoro, Cybex’s chairman and CEO, and Aglialoro’s wife, Joan Carter, a director of the company. UM is owned by Aglialoro and Carter. UM, Aglialoro and Carter own approximately 49.5 percent of the company’s common stock.

Each of Cybex’s outstanding shares of common stock will be converted into $2.55 per share payable in cash.

The merger price reflects an 89 percent premium over the closing price of the company’s common stock on Oct. 16, 2012. Cybex’s stock price closed today at $1.35 on the NASDAQ Stock Market.

Cybex anticipates that it will seek approval of the merger at a special shareholders meeting during the first quarter of 2013 and that the transaction will close shortly thereafter.

UM Holdings, Aglialoro and Carter have advised Cybex that they are interested only in pursuing the proposed merger transaction and that they are not interested in selling their stake in the company or considering any strategic transaction involving Cybex, other than the merger. They also have advised the company that they intend to vote their shares in favor of the merger.