Patriot Acquisition Corp. Announces Results of Tender Offer; Tenders for Approximately 92 Percent of CompuDyne Corporation's Com
13 Septiembre 2007 - 8:10AM
PR Newswire (US)
LOS ANGELES, Sept. 13 /PRNewswire/ -- Patriot Acquisition Corp., an
affiliate of The Gores Group, LLC, a private investment firm
focused on buyout transactions across several industry sectors,
today announced that it has accepted all of the shares of common
stock tendered, and not withdrawn of CompuDyne Corporation
(NASDAQ:CDCY) pursuant to its tender offer for all of the
outstanding shares of CompuDyne common stock at $7.00 per share,
net to the seller in cash and without interest. The initial
offering period expired at 5:00 p.m., New York City time, on
September 12, 2007. According to Continental Stock Transfer &
Trust Company, the depositary for the tender offer, a total of
7,780,757 shares were tendered and not withdrawn prior to the
expiration of the offer, excluding an additional 80,920 shares
tendered by notice of guaranteed delivery. Stockholders who validly
tendered prior to the expiration of the offer and whose shares were
not properly withdrawn, will promptly receive the purchase price of
$7.00 per share, net to the seller in cash and without interest. As
a result of these purchases, Patriot Acquisition Corp. will own
approximately 92 percent of the outstanding shares of CompuDyne
Corporation's common stock. After the purchase of the tendered
shares and the shares guaranteed for delivery, Gores Patriot
Holdings, Inc., the parent of Patriot Acquisition Corp, plans to
complete the acquisition of CompuDyne Corporation as soon as
practicable pursuant to the short-form merger procedure available
under Nevada law. In this merger, Patriot Acquisition Corp. will
merge with and into CompuDyne Corporation, and CompuDyne
Corporation will become a wholly-owned subsidiary of Gores Patriot
Holdings, Inc. In the merger, each share of CompuDyne Corporation's
outstanding common stock will be cancelled and converted into the
right to receive $7.00 per share, net to the seller in cash and
without interest. Thereafter, CompuDyne Corporation's common stock
will no longer be traded on the Nasdaq Stock Market. About The
Gores Group: Founded in 1987, The Gores Group, LLC is a private
equity firm focused on acquiring controlling interests in mature
and growing businesses which can benefit from the firm's operating
experience and flexible capital base. The firm combines the
operational expertise and detailed due diligence capabilities of a
strategic buyer with the seasoned M&A team of a traditional
financial buyer. The Gores Group, LLC has become a leading investor
having demonstrated over time a reliable track record of creating
substantial value in its portfolio companies alongside management.
The firm's current private equity fund has committed equity capital
of $1.3 billion. Headquartered in Los Angeles, California, The
Gores Group, LLC maintains offices in Boulder, Colorado and London.
For more information, please visit http://www.gores.com/.
DATASOURCE: The Gores Group, LLC CONTACT: Bob Marese of Mackenzie
Partners, Inc., +1-212-929-5405 Web site: http://www.gores.com/
Copyright
Compudyne (NASDAQ:CDCY)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Compudyne (NASDAQ:CDCY)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Compudyne Corp (MM) (NASDAQ): 0 recent articles
Más de Compudyne (MM) Artículos de Noticias