- Home /
- Business /
- Business news
/ Globe Staff / October 15, 2013
CSC ServiceWorks Inc. has agreed to buy the Waltham-based laundry services company Mac-Gray Corp. in a deal valued at $ 524 million, the two companies said in a Tuesday press release.
Photos taken from Mac-Gray's website.
CSC, a Plainview, N.Y.-based firm that describes itself as a provider of "multi-family housing and commercial laundry solutions," said it will acquire all of the outstanding common stock of Mac-Gray for $ 21.25 per share, payable in cash, which represents a premium of 42 percent over Mac-Gray's closing stock price on Oct. 14.
The aggregate value of the transaction is approximately $ 524 million, taking into account Mac-Gray's outstanding stock options, restricted stock units, and net debt as of June 30, 2013. The transaction has been unanimously approved by Mac-Gray's board of directors. In 2012, Mac-Gray had revenue of $ 322.1 million. The transaction is expected to be completed in the first half of 2014.
In a statement, Mac-Gray chairman Thomas E. Bullock said: "After a careful and thorough evaluation process, the Mac-Gray board has determined that the all-cash transaction with CSC maximizes value for our shareholders. The Board strongly believes that this transaction achieves that result, providing a significant premium for our shareholders."
Chris Reidy can be reached at reidy@globe.com.
© Copyright 2013 Globe Newspaper Company.
No comments:
Post a Comment