15.10.2013 14:10:48

CSC ServiceWorks To Buy Mac-Gray For $524 Mln - Quick Facts

(RTTNews) - CSC ServiceWorks, Inc. and Mac-Gray Corporation (TUC), a provider of laundry facilities management services, have reached a definitive agreement and plan of merger that provides for the merger of Mac-Gray with CSC Fenway, Inc., an unit of Spin Holdco Inc., which is fully owned by CSC ServiceWorks. Pursuant to this, CSC would acquire all Mac-Gray for $21.25 per share in cash, representing a premium of 42% over the firm's closing stock price on October 14, 2013.

Unanimously approved by Mac-Gray's board, the transaction's aggregate value totals about $524 million, considering Mac-Gray's outstanding stock options, restricted stock units and net debt as of June 30, 2013. The transaction is likely to be completed in the first half of 2014. Following the transaction closure, Mac-Gray's stock would be delisted from the New York Stock Exchange and would stop trading.

During 2012, Mac-Gray generated revenue of $322.1 million.

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