Will TRC CEO's ouster open way for takeover?

The only thing clear lately at Clearwater-based Technology Research Corp. is that Owen Farren is no longer its chairman, president and CEO. What happens next remains up in the air.

The electrical safety component manufacturer issued a release — on Valentine's Day, ironically — stating Farren resigned “to pursue other interests.” Ray Malpocher, the company's lead director, has taken over daily management until a new CEO is named, with the board's nominating and governance committee immediately initiating a search for a replacement.

TRC is targeted for takeover by Waukegan, Ill.-based Coleman Cable Inc., which tendered an offer of $5.50 per share Jan. 18, valuing the company at more than $36 million, based on 6.6 million outstanding shares. The local company adopted a shareholder rights plan to give the offer more consideration, with Farren stating at the time that the board would consider the offer “consistent with its responsibilities to the company and all its shareholders.”