WESTFIELD, Mass., Dec. 6, 2010 /PRNewswire-FirstCall/ -- Mestek,
Inc. (Pink Sheets: MCCK) (the "Company"), today announced that,
upon the approval of the Executive Committee of the Board of
Directors of the Company and the lenders under the Company's
outstanding credit facility, and in accordance with applicable
covenants and financial ratios under the credit facility, the
Company accepted for purchase an additional 120,024 shares of its
common stock at a price of $8.75 per
share in its modified "Dutch Auction" tender offer, which expired
at 5 p.m. on Tuesday, November 23, 2010. The additional shares
accepted for payment represent approximately 1.5% of the shares of
common stock currently outstanding. The additional shares, together
with the 285,714 shares accepted for purchase as announced on
November 30, 2010, represent all of
the shares tendered at a price of $8.75 per share or less. The total cost of
purchasing all 405,738 shares is approximately $3.6 million, excluding fees and expenses related
to the offer. These shares represent approximately 5.1% of the
shares outstanding.
Because all 405,738 shares validly tendered at a price of
$8.75 per share or less are accepted
for purchase, there will be no proration with respect to the offer.
Pursuant to the terms of the offer, no shares tendered at prices
above $8.75 will be accepted for
purchase.
Computershare, Inc., the depositary for the offer, will promptly
pay for the shares accepted for purchase and will promptly return
all shares tendered and not accepted for purchase. With the
completion of the tender offer, the Company now has approximately
7,555,180 shares outstanding.
Shareholders and investors who have questions or need
information about the offer may contact the information agent,
MacKenzie Partners, Inc., toll free at (800) 322-2885 or collect at
(212) 929-5500.
Mestek, Inc. engages in the manufacture and sale of heating,
ventilating and air conditioning (HVAC) equipment, and
metal-forming equipment in the United
States and Canada, and the
provision of healthcare information technology systems and related
software, billing and consulting services. The Company was
incorporated in 1898 as Mesta Machine Company and changed its name
to Mestek, Inc. in 1984. Mestek is headquartered in Westfield, Massachusetts. For more
information, visit www.mestek.com.
This news release discusses certain matters that may be
considered "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding the intent, belief or current expectations of
the Company and its management. Such forward-looking statements are
not guarantees of future performance and involve a number of risks
and uncertainties that could materially affect actual results. All
information set forth in this news release is as of today's date,
and the Company undertakes no duty to update this
information.
Web site: http://www.mestek.com
SOURCE Mestek, Inc.