Related Companies completes KSW tender offer
A deal has been agree that will see Related Companies take over KSW.
Related Companies has successfully completed business negotiations with KSW.
A cash tender offer for all of the outstanding shares of common stock has been finalised and under the terms of the merger agreement, $5 (£3.10) will be paid for each share.
The purchaser will now exercise its top-up option, which allows it to purchase an additional number of shares for the same price from KSW.
Once this process has been completed, Related Companies will own 90 per cent of the outstanding shares in the current company.
"All remaining KSW shares ... will be canceled and converted into the right to receive the same $5 per share in cash paid in the tender offer," KSW stated.
The company - which installs heating, ventilating and air conditioning systems - will now cease to trade on the NASDAQ Stock Market as it instead becomes a wholly-owned indirect subsidiary of Related Companies.
Posted by David Gleck
Source: KSW press release, October 11th