Collins Industries Announces Early Termination of Waiting Period for Merger
Oct 19, 2006 1:14 PM
Collins Industries, Inc. announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its merger agreement with Steel Partners II, L.P., a private investment partnership based in New York. Steel Partners is purchasing Collins in affiliation with American Industrial Partners, an operationally focused private equity firm.
As previously announced, under the terms of the merger agreement, Collins shareholders will receive $12.50 in cash for each share of Collinscommon stock they hold. The total value of the transaction, including assumed debt and expenses, is approximately $110 million.
Completion of the transaction remains subject to customary closing conditions and the approval of holders of two-thirds of the outstanding shares of Collins common stock.
The Board of Directors of Collins has unanimously approved the merger agreement and is recommending that Collins' shareholders approve the merger. Collins has scheduled a special meeting of shareholders for October 30, 2006, to vote on the merger. Shareholders of record as of September 28, 2006 will be entitled to vote at the special meeting. The Board of Directors of Collins encourages shareholders of record to vote by telephone or via the Internet in advance of the special meeting pursuant to the voting instructions included in the proxy statement. Shareholders may obtain a free copy of the proxy statement from the Investor Relations section of the Company's website at www.collinsind.com .
